International ratings agency Weiss Ratings thinks tech giants like Apple and Facebook entering the crypto-space prove they are, in fact, becoming banks themselves and their ‘answer’ is nothing like Bitcoin – which competes with central banks.
FACEBOOK, APPLE ‘BECOMING BANKS’
In a blog post June 5, developer and Weiss Crypto Investor editor Juan Villaverde told investors that new products from Facebook, Apple and Alibaba are only pseudo-cryptographic and allow them to profit from user financial activity.
“(Many analysts) think it’s apps like Apple Pay, Google Pay and Alipay that could challenge the global financial system, even ‘replacing banks’ with their new payment platforms,” he wrote: I believe that’s a collective delusion. Truth be told, they’re not replacing banks; they’re becoming banks.