Swedish Bank Trolls Bitcoin in Paid Newspaper Column

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A competent and self-confident business is incapable of jealously — a neurotic insecurity which arises from one’s own inability to perform tasks that others easily can. The self-centered lens often leads a business to the verge of collapse, for it fails to channel its energies on innovation and spends most of its time focusing on defeating the competition.

Popular Swedish Bank Skandinaviska Enskilda Banken recently became the victim of the same jealousy syndrome, proves its recent take on payment technology Bitcoin. The financial group openly rented a newspaper column to propagandize its insecurity against the digital currency, which has often been marketed as the technology with anti-bank features.

The article, which accumulates some age-old theories about Bitcoin in a bag and shakes out a mixture of some disgusting-looking mindset, still tries hard to positive. It perfectly tries to convey itself as a well-wisher but, at the same time, manipulates one into reading an anti-Bitcoin propaganda. The style of writing tells all; here are few excerpts:

“If there is something missing that currency need to function effectively as a means of payment, so it’s stability.” [For a five year old currency, this analysis seems biased to the core]

“Today, the currency primarily by investors who hope that it will rise in value. But it has not always been.” [Yeah, so what about the blockchain technology that has been openly adopted by Wall Street and other leading sectors.]

“it can be as great a disadvantage as advantage that it is not controlled by any authority or government. There is a problem when there is no Governor acting anchor to a currency, to ensure stability.” [These people should read more about decentralized consensus before targeting Bitcoin for its open market theories.]

Negative is Positive

A fellow from the Bitcoin community believes that if traditional finance houses continues to show their negative stand against Bitcoin, it might end up benefitting it further. “We’re in a deflationary spiral, the banks, companies and governments are out of ammunition (negative interest rate); next will be collapse of the debt, then hyperinflation,” he says while drawing Bitcoin as an alternative to all these manipulative, text book issues, attached with a warning:

“Sweden has one of the highest debts in the world (private and corporate debt) and the consequences for SEB and other Swedish banks will be serious.”

We also believe it is time for banks to ditch their rhetorics against future technologies, and focus on innovation. What do you say?