Speaking of Google, the giant's "hegemony" in the field of quantum computing is now seen as the biggest threat to Bitcoin. However, for the entire cryptocurrency industry, the search giant's entry into the banking industry may be completely different.
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Do you trust Google’s bank account?
According to reports, Google has established a partnership with US banking giant Citigroup to launch its own "smart check" bank account . The account, code-named Cache, will be available on Google Play, which the mainstream media has called "bitcoin killer . "
According to the Financial Times, the concept and details of this bank account are still ambiguous, but they have also hailed it as the future of the banking industry. Customers may only need a traditional bank account to direct access to a Google-supported platform. Google is not the first tech giant to compete for a lucrative financial cake, nor will it be the last.
The company clearly sees Facebook as a major threat to its cryptic dominant ambitions. Considering the huge resistance that Facebook's social media company faces in the face of global regulators and politicians, Google is adopting a more traditional approach to working with a well-known bank.
Google executive Caesar Sengupta told The Wall Street Journal:
“Our approach will be to work intensively with the banking and financial systems. This may be a slightly longer road, but more sustainable.”
The report suggests that the search and advertising giant is more interested in information related to checking accounts, such as salary and shopping habits. Trust will be a key issue, as both Google and Facebook are profitable from people's personal data, so finance is the next logical step in their expansion.
Sengupta added that Internet monopolists will not sell financial data for checking account users and will not use Google Pay data for advertising purposes. Like Facebook, this reaction can be expected, especially when they try to launch new product lines and the distrust of technology giants reaches record levels.
Not a bitcoin threat
For this reason, Google has no threat to Bitcoin. If anything, Google’s involvement in the banking industry will further consolidate the phrase “Google has no threat to Bitcoin” because we need a decentralized global currency. As usual, Forbes once again mistakenly accused Bitcoin and claimed that Google's bank account may be a bigger threat to bitcoin than quantum computing, but this is not the case.
Bitcoin continues to operate in a financial sector that is completely different from traditional banking, not to mention that it is highly unlikely that its investors will want to abandon Bitcoin and transfer funds to a new Google checking account.