Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret

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June 1, 2021

Yesterday, BPI reportedly informed its customers that it was no longer going to allow them to buy cryptocurrencies via their debit, credit, or prepaid accounts. There’s no news coverage on this one, but I have multiple contacts (some high-net-worth and some normal retail) who have verified independently that this is indeed the case. If you have a BPI account and have recently received an email from them about this, please let me know in the comments!

It’s the Philippine crypto industry’s dirty little secret that even with all the regulations in place, and all of the hand-waving about financial inclusion and fair access, the country’s biggest banks remain extremely anti-crypto. What’s worse is that their positions have become MORE aggressively anti-crypto over the years, in direct contrast to the state of global regulation. It’s truly saddening to still be marginalized after all this time operating in the regulated space. (Same thing happening in India today: https://www.coindesk.com/rbi-says-banks-cant-quote-2018-circular-to-restrict-crypto-transactions …)

June 1, 2021: $ETH did jump up over 15% in the last 12 hours, and across the board everyone seems optimistic about an eventual recovery.

But hey, if you all don’t like how your bank is restricting your personal financial activities, then I recommend closing your account and moving your funds to Unionbank, Sterling Bank, and other banks who have a more open stance on crypto or are interested in supporting decentralized financial innovation. It’ll make trading a lot faster (not to mention zero-transfer fees!) if the local crypto community all use the same fiat institution, so get moving!

In what is probably the weirdest example of getting your wires crossed that I’ve seen recently, GCash ALSO yesterday published a press release talking about how they were exploring adding cryptocurrencies to their app. (https://www.philstar.com/business/2021/05/31/2101925/gcash-eyeing-cryptocurrency , https://bitpinas.com/cryptocurrency/gcash-crypto-globe-explores/ ) Given that one of GCash’s primary banking partners BPI just banned crypto, I’m not actually sure how this would even work. Maybe GCash is also planning to switch to Unionbank? 

A few industry friends are interpreting the GCash article as merely an info-gathering exercise; they’re just using social media interest as a proxy for customer validation. Instead of hiring a market research firm, all they have to do is count the FB likes and shares on the article … so much cheaper! (And if that’s true, then congratulations to all of you who shared the article yesterday, you’re now part of the statistics.)

My good friend and former Coindesk chief Pete Rizzo published a thought-provoking opinion piece yesterday that describes something that many bitcoiners have undoubtedly sensed: Bitcoin bubbles aren’t technically bubbles, if it’s a consequence of the software design. Each major growth period for Bitcoin rather predictably follows a halving event, which was designed by Satoshi as a stimulus to generate more economic activity around it, at regular intervals. That’s precisely what happens every 4 years, and Bitcoin takes the rest of the cryptocurrency industry to new price levels along with it, each time.  (https://www.forbes.com/sites/peterizzo/2021/03/04/the-bitcoin-bubble-myth/ )

With the US only just coming back to work from Memorial Day later this evening Manila time, there’s a big gap in trading energy in the markets today. $ETH did jump up over 15% in the last 12 hours, and across the board everyone seems optimistic about an eventual recovery.

See you all tomorrow, cryptofam! 

Bloom

https://bloomx.app

This article is published originally as a Facebook post and republished with permission on BitPinas: Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret

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[…] This article is published originally as a Facebook post and republished with permission on BitPinas: Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret […]

[…] post Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret appeared first on […]

[…] This article is published originally as a Facebook post and republished with permission on BitPinas: Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret […]

[…] This article is published originally as a Facebook post and republished with permission on BitPinas: Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret […]

[…] This article is published originally as a Facebook post and republished with permission on BitPinas: Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret […]

[…] This article is published originally as a Facebook post and republished with permission on BitPinas: Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret […]

[…] BloomX co-founder Luis Buenaventura II, in his op-ed, laments that regardless of laws in place within the Philippines relating to crypto, there’s a section that’s increasingly becoming anti-crypto through the years.  […]

[…] BloomX co-founder Luis Buenaventura II, in his op-ed, laments that despite regulations in place in the Philippines regarding crypto, there’s a segment that is increasingly becoming anti-crypto through the years.  […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebookpost (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebookpost (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] BloomX co-founder Luis Buenaventura II, in his op-ed, laments that despite regulations in place in the Philippines regarding crypto, there’s a segment that is increasingly becoming anti-crypto through the years.  […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebookpost (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] Filipino NFT artist, writer & co-founder of BloomX mentioned in his Facebook post (additionally republished on BitPinas) that regardless that there’s no information protection about this rumor his contacts already […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

Shawn

This is just a misleading clickbait article. The author claims that Philippine banks are anti-crypto and that is the crypto industry’s dirty little secret.” What an idiotic assertion. Of course, we know that most banks naturally oppose cryto and DEFI. But to claim that is a “dirty secret” in the industry? Get real, kid.

[…] a Filipino NFT artist, author & co-founder of BloomX said in his Facebook post (also republished on BitPinas) that even though there’s no news coverage about this rumor his contacts already verified that it […]

[…] BloomX co-founder Luis Buenaventura II, in his op-ed, laments that despite regulations in place in the Philippines regarding crypto, there’s a segment that is increasingly becoming anti-crypto through the years.  […]

Luis Buenaventura II

    Luis started working in the Bitcoin space in 2014 and, with his startup Bloom, focuses on bringing the blockchain to remittance businesses around the world. He authored the book "Reinventing Remittances with Bitcoin," which collects strategies and stories about the fast-growing blockchain remittance industry. (https://bit.ly/remitbook). Bloom recently launched a new app BloomX to cater to the modern Filipino crypto investor. His writing on cryptocurrencies has been featured on online publications including Quartz, Techcrunch, and The Next Web.