Economic recession: JP Morgan wants to profit from cryptoassets

The crypto industry today presents itself as an alternative to fiat money. It remains open to all, in particular, even to natural or legal persons who are subject to banishment by the traditional banking system. For Charles Hoskinson, the co-founder of Cardano, by carrying out a repressive policy towards their customers, the banks stimulate the adoption of cryptos in the world. Explanation.

Did JP Morgan push Kanye West into cryptos?

In view of the treatment inflicted on Kanye West by JP Morgan, Charles Hoskinson has declared that commercial banks promote cryptos better than industry players. This, after having published a photo in which we see the rapper wearing a cap with the inscription Satoshi Nakamoto.

“People keep asking why the crypto industry isn’t doing a better job of marketing. The answer is that every bank in America goes to great lengths to do it for us.”he wrote on Twitter.

As a reminder, last week JP Morgan unilaterally decided to sever all ties with the rapper. The bank gave him until November 21 to transfer his assets to another bank. If the reasons for this decision have not been clarified, several theories try to explain it. Many netizens speculated that the bank acted in retaliation for the recent antisemitic remarks by Kanye West. The rapper had indeed declared that he “was tired of being banned from Jewish social networks”. Before that, he had criticized the bank’s management. His strained relationship with several major business partners including Adidas, have also been named as potential vindicators.

But the billionaire rapper defends to have done nothing wrong. For his part, Charles Hoskinson says he is convinced that the censorship of banks and affiliated institutions is a good thing. For him, it will stimulate the adoption of cryptos.

Kanye West must move his $140 million stored at JP Morgan.

What about censorship?

Today, there are more situations where banks and affiliated financial institutions restrict access to banking services. JP Morgan closed the account of Uniswap founder Hayden Adams last year without notice or explanation. She had done the same for the company of minningCompass Minning in 2019. In Portugal, several crypto companies are victims of the unilateral and without explanation closure of their accounts.

Moreover, the censorship particularly affects the adult film industry. Several sexual content creators have revealed that traditional financial institutions like PayPal, Venmo, Circle, Square, and Cash App have blocked them from using their services. They mentioned that this is a violation of their terms of service. Anything that constitutes an opportunity for the crypto industry.

A crypto aimed at the porn industry, which is increasingly subject to censorship.

Kanye West never does anything randomly. A few days after his banishment from JP Morgan’s customer base, the rapper appeared in public wearing a Satoshi Nakamoto branded cap. On social networks, many believe that he plans to store his holdings in crypto markets. Commenting on this news, Charles Hoskinson said that banks thus indirectly promote cryptos and do it better than anyone.

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