Growth of Bitcoin Could Threaten The Global Banking System!

Basel Committee issued a warning stating that the growth of crypto assets like bitcoin is a bad sign for the global banking system. Bitcoin keeps getting popular among traders despite exhibiting a high degree of volatility and risk, mentioned by the banking supervision forum. The Committee noted that while the new financial instruments were immature, they still presented many risks for banks.   

They have mentioned “While the crypto-asset market remains small relative to that of the global financial system, and banks currently have [minimal] direct exposures, the Committee is of the view that the continued growth of crypto-asset trading platforms and new [commercial] products related to crypto-assets has the potential to raise financial stability concerns and increase risks faced by banks.”  

There's a growing speculation around cryptocurrencies which led the Basil Committee’s notice. Bitcoin activists pit the digital currency technology as a messiah against a so-called corrupt banking system. They believe a decentralized asset technology would distribute wealth more evenly and openly than a regular bank which could create money just by printing it.  

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