The latest to add themselves to the long list of old school banking cronies displaying either their ignorance to Cryptocurrency, or their loyalty to the criminal banking system is the Royal Bank Of Canada’s CEO, David McKay.
David McKay has publicly denounced Bitcoin has having no need in current society:
“I think some people will call it a fraud. I don’t think it’s fraudulent … But it doesn’t solve a main need in society right now.”
According to the report from CNBC McKay went on to say:
“…it’s not backed by a government, it’s not backed by rule of law, it’s not backed by economy, there’s no reserve against it, you actually have to mine it in a distributed chain environment,”
AS you can see McKay has missed the point entirely of Bitcoin and most other Cryptocurrencies. The whole point of Bitcoin was to create a form of wealth which could be exchanged outside the scrutiny of Government eyes and banking regulations, Bitcoin exists because more and more people align with this sentiment. No longer do we accept that the entire Worlds economy should be controlled by the big banks, nor do we accept that Governments should have the ability to freeze our wealth or steal our wealth through the form of taxation.
There is very much a need in our society for Bitcoin and Cryptocurrencies and more and more people are waking up to this simple fact.