As part of Deutsche Bank's reforms, it will abandon its global equity business, reduce investment banks, and cut some fixed-income businesses that have traditionally been considered one of its strengths. The bank will also set up a new so-called “bad bank” to reduce unwanted assets.
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Enthony Pompliano, co-founder of the encryption investment company Morgan Creek, sees this as a strong support for the future application of Bitcoin. He said on Twitter:
“Deutsche Bank plans to lay off nearly 20,000 employees. No bitcoin can be fired. Deutsche Bank is built for the old world. Bitcoin is built for the new world.”
Mati Greenspan, an eToro analyst from the field of encryption, pointed out that Deutsche Bank’s move represents a broader policy failure for global monetary policy managers, he wrote on Twitter.
“This is the impact of the long-term zero-interest rate policy. The central bank is making investment banks unable to make a profit. Even the highest-risk bond yields are below 2%. How can they expect to make money from it?”
It is worth noting that Jim Reid, head of Deutsche Bank's global basic credit strategy, has said that the moderate monetary policy of the central bank is positively affecting “alternative” currencies such as Bitcoin, and it is also damaging investment banks. He believes this makes "alternative currencies more attractive."
In addition, according to VanECK digital asset strategist Gabor Gurbacs, Deutsche Bank's reforms exposed another fatal weakness in the traditional financial industry. He posted a tweet saying that
“The encryption market is open 24 hours a day to respond quickly to news. In the traditional market, it has to wait until the market is open. This seems to be a serious market structure problem.”
For a long time after the cryptocurrency was born, encryption supporters have always believed that it would destroy the traditional financial industry. This move by Deutsche Bank may mean that the encryption industry has begun to have a real impact on the traditional banking industry.
According to the data, the highest market value of Bitcoin recovered after the weekend's weakness, breaking through 11500 US dollars and 12,000 US dollars. As of press time, Bitcoin prices were $12,184, up 5.94% in 24 hours. (than push)