Banking Bros Face Bitcoin's Noxious Competition

Banking Bros Face Bitcoin’s Noxious Competition
On today’s episode of Double Down, Max Keiser and Stacy Herbert talk to Michael Krieger about Bank of America’s surprising admission that they may not be able to compete with bitcoin.

First they ignored bitcoin, then they laughed at bitcoin, then they fought bitcoin and now bitcoin is winning. So says Michael Krieger of who points to Bank of America's latest annual report as an admission that banks can just not compete against bitcoin.

Double Down asks if a new era of financial innovation may be upon us as the stale US banking oligopolies, stuck in a decades old tech past, will have to start delivering fintech that customers have grown accustomed to across much of the world where there is more competition. Krieger believes that Charlie Munger's warning that bitcoin is ‘noxious poison' is basically true… if you are a member of this banking cartel that has failed to innovate in three decades.

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