The big threat to Bitcoin right now is Google's quantum computing capability. However, a move from the search giant to the bank could be a whole other matter for the entire crypto industry.
Trusting a Google Bank Account?
According to reports, Google has partnered with US banking giant Citigroup to launch their own "smart check" bank accounts. The account, codenamed Cache, will be available through Google Play and mainstream media already calls it a & # 39; bitcoin killer & # 39 ;.
According to the Financial Times, the concept and details are still vague, but they too are already in the process of designating it as the bank's future. Customers may only have access to a slick Google-powered platform with a traditional bank account set up for it. Google is not the first tech giant to fish for a piece of the lucrative economic sector, and it won't be the last.
The company clearly sees Facebook as a major threat with its crypto nomination ambitions. Considering the huge resistance wall the social media company has faced from global regulators and politicians, Google is taking a more traditional approach in collaboration with a well-established bank.
Google leader Caesar Sengupta told WSJ;
Our approach will be a deep collaboration with banks and the financial system. It may be the slightly longer road, but it is more sustainable.
The report suggested that the search and advertising giant was more interested in the information related to checking accounts such as payroll and shopping habits. Trust will be a key issue here as Google and Facebook both make huge profits on people's personal data, so finances are the next logical step for them to expand on that.
Sengupta added that the Internet monopoly would not sell users 'checking accounts' financial data and that they did not use Google Pay data for advertising purposes. Just like on Facebook, this answer has been expected, especially as they try to launch a new product line and distrust of tech giants is at an all-time high.
No Threat to Bitcoin
For this reason, there is no threat to bitcoin whatsoever. If anything, Google going into the bank will strengthen the narrative and the need for a decentralized global currency. Forbes has, as usual, barked up the crazy digital tree, claiming that Google bank accounts can be a bigger threat than quantum computing, but nothing can be further from the truth.
Bitcoin continues to operate in a completely different financial sphere than traditional banking, not to mention that highly unlikely investors in the leading cryptocurrency will want to jump out of the asset and move funds into a new Google checking account.
Would Google bank accounts be a threat to Bitcoin? Add your comments below.