Support for Cryptocurrencies

I would say 1 in 4 people in London isn’t anywhere near mass adoption; if that’s the highest adoption rate in the U.K. then overall it’s tiny.

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How does that relate to trading/investing?

If I buy trade Bitcoin, I buy £1000, swing trade a bullish run and sell the next week. To me that’s trading.

If I buy £1000, and leave it there for a couple years that investing.

Regardless of either scenario all Monzo sees is £1000 going out the account to Binance.

I don’t know where you get all this from, it’s a load of tosh. The general public certainly aren’t holding crypto. Perhaps you’ve fallen into the same problem you accuse others of – looking at only your surroundings and not at the actual general public. Of course on Twitter and crypto forums everyone will be holding crypto but if you go down to Tesco or the newsagents, I don’t think you’ll find 10 people in a couple of hours who ever held any

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  • No. of active daily bitcoin wallets has reached an average of 1 million.

Only 1 million? That seems pretty niche still.

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I haven’t said mass adoption, I’m saying it’s not niche. 25% isn’t niche.

Are you investing your own money? No problem.

Are you investing for other people too? Then we might have a problem.

As I said above, we don’t provide any detail because people would exploit that. We see a lot of fraud cases involving in Bitcoin and to reveal what our risk appetite is would enable people to manipulate that. So we don’t reveal it :relaxed:

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I don’t think we need to press @Dan5 any more on this… he’s trying to be helpful and answer a query on behalf of Monzo and not get into a pointless argument (which I bet you know the answers to as well but feel like being difficult today)

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What I’m saying is the general public are holding crypto. If you went into Sainsbury’s and interviewed 100 random people you might find 15+ hold crypto.

What I’m saying it’s not the case anymore where it’s just one techie person and the other 99 have never heard of bitcoin.

25% in one part of the country(?) as above you’re falling into your own trap here.

Out of the number of customers probably <1% regularly involve crypto and it seems that we’re a lot more crypto friendly than some other banks (Starling & HSBC, for example).

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I think Monzo needs to make this clearer and about about it from the roof top as they have built a reputation of having accounts closed for trading/investing in crypto with personal money.

I don’t know what you’ve fallen for or if you’re trying to justify your investment but you’re miles out.

If you asked a cross selection of people I’d be surprised if you found 15 who knew what it is.

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With all due respect, you have little to no idea as to the reasons we might close accounts.

We could share, but if we did then it would allow people to circumvent the rules.

I’ve never once heard somebody say “yeah, fair play I had my account closed because I was laundering funds for [insert name of organised crime gang here]”.

I’m going to stop replying now because we’re just going around in circles. At the end of the day if people aren’t confident/comfortable using Monzo for crypto then there are lots of banks out there they can use. I’m sure they’re all happy to disclose their risk appetite and financial crime rules :relaxed:

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Maybe my Sainsbury’s is more on the ball than the rest of the UK.

The point is Bitcoin is not something that’s just the one random person in 100. Crypto and Bitcoin terms are becoming publically known, even if they don’t know what it actually is or how it works. It’s no longer a niche market. That trend will keep building until everyone and their dog owns some. Might not be five years, or ten, but they will.

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It’s not at all a contradiction for something to be both widely known and a niche market. Ferraris are widely known, but you don’t see multiple people driving them every day of the week.

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Do you have stats to support this?

In some bubbles crypto will be well known. But within that a few will have dabbled and only a minority will actually use it.

I really don’t get the religion that some people have over crypto and digital currencies. They’re mostly boring, and regulation hasn’t yet caught up to be able to handle them. :man_shrugging:

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What are you thoughts on Stellar Lumen?

You must be popular if you’re stopping Sainsbury’s shoppers in their tracks and grilling them over crypto currencies ! :face_with_raised_eyebrow:

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Bullish but I don’t own any.

I would recommend a follow on this guy

I have no idea on the reasons nor do I pretend to. I don’t think I said anything about that either.

I’m not asking to share anything sensitive at all that could be used to game the system.

What I am saying is Monzo has no clear stance on crypto. Simple as that. I’ve been following Monzo closely for three years and your “no problem” on personal investing/trading is the first time I’ve seen a Monzo staff show this, I should add it’s contrary to my personal experience of asking on chat where they have said no it’s not allowed.

Why can’t Monzo declare in terms and conditions that investing/trading in crypto with personal money is fine?

Whilst Starling actively blocks transfers out at least it shows their stance, Monzo has got a bad crypto reputation on blocking accounts. Doesn’t matter if those blocking were valid. It’s because Monzo has nothing official, that people will just see the negative stories and think I won’t use Monzo with crypto.

Taking another stat from that same article

An estimated 11% of Americans currently hold bitcoin.

@Revels So if you found 100 random Americans inside Walmart, ~11 of the them holding. :sweat_smile: