It's 'Really The Answer' - Kanye West, JPMorgan and PayPal Reveal 'The State of Bitcoin'

It’s ‘Really The Answer’ – Kanye West, JPMorgan and PayPal Reveal ‘The State of Bitcoin’

Banking giant JPMorgan has cut ties with billionaire rap mogul and former US presidential candidate Kanye West, drawing criticism from the bitcoin and cryptocurrency community.

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Right-wing commentator Candice Owens subscriber A Twitter message from JPMorgan to Kanye, who now goes to Ye, reveals that the bank has ended its “relationship” with the rapper, with “no official reason” for the decision issued, just days after Instagram and Twitter suspended their accounts due to anti-sublime comments.

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The move follows a strong backlash against PayPal, the online payments pioneer co-founded by Tesla billionaire Elon Musk, after it announced a surprising new policy that was quickly retracted.

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“The case for bitcoin has never been stronger,” said Layah Heilpern, author of Undressing Bitcoin and host of The Layah Heilpern Show, He said Via Twitter, citing PayPal’s policy blunder, JPMorgan refused to allow Western and central banks – including the US Federal Reserve – to explore so-called central bank digital currencies (CBDCs).

“No one is safe,” says Bitcoin and crypto investor Lark Davis Spread. “The Bitcoin issue is getting clearer day by day!”

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There are concerns that digital central bank currencies, inspired in part by bitcoin and private currencies such as Facebook’s failed digital currency libra-diem, could give governments unprecedented power over how people spend their money. China started rolling out the digital yuan in late 2019, with a British spy chief recently warning It “allows citizen monitoring[s]. “

Bitcoin
BTC
a decentralized network backing a digital currency that operates independently of a central authority, has seen its price explode over the past few years amid the post-Covid asset price boom.

Bitcoin has been crashing again since late 2021, losing about 70% of its value, but it’s still about double its early 2020 level as the market adjusts to a higher interest rate environment that could cause “panic”.

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More from ForbesTurning “tide”? Why Bitcoin, Ethereum, and Cryptocurrency Can Be Prepared for a Massive Price Boom in October

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Bitcoin proponents argue that traditional finance, controlled by banks and Wall Street, and so-called fiat currencies run by governments and central banks, leave users at the mercy of bankers and policy makers.

“If they can close Kanye West’s bank account, you’re next,” Bitcoin and Crypto Investor David Gokhshtein Spread to Twitter. “Bitcoin is really the answer here.”

In September, Kanye West publicly criticized JPMorgan and some of the bank’s executives, including bitcoin and crypto-skeptical CEO Jamie Dimon.

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“I feel like there is a great deal of control and dealing to suppress my ability to affect the American economy and industry,” West said. Bloomberg.

Featured on Joe Rogan’s popular podcast in 2020, West said the “geniuses” in the bitcoin and cryptocurrency community “have a perspective” on the “real liberation of America and humanity.”


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