Banks have a special job in society which is to provide capital for the good of the community it serves. Humans are fallible and subject to greed and power. Having the ability to determine where that capital is deployed, i.e. loans to businesses, allows you influence over the community’s development. The bank can determine what types of businesses it will lend to, making or breaking new or existing businesses. When poor investment choices are made by the bank, the Federal Reserve will bail out the failed bank so that confidence is not lost. This cycle of bail outs has been occurring since the inception of the Federal Reserve.
Most people see these bail outs as the only option and an acceptable solution. Many understand that it’s their “taxes” that will end up paying the bill. The truth is that the amount of taxes collected will never be enough to pay it back.
However, the bank does provide a service which is not discussed, it provides a place for the general public to place its money so that they can spend their time focusing on other activities. Not having to worry about where to hide your money, allows you to be more productive in the world and earn more in return. This benefit to society, in my opinion, has been positive for enhancements in technology and culture.
The interest in bitcoin over time will increase to the point that banks will begin to learn how to custody and provide access to bitcoin purchases and savings’ accounts. This in my opinion is the logical adoption route because so many people already trust banks and will prefer that to self-custody. That is not to say that there will not be people who do! If you want to learn how to custody bitcoin and manage your finances for the family, start by building your network.
