JPMorgan and Citi are building a tokenized deposit system to "answer crypto."
The banks that spent a decade calling Bitcoin a fraud are now scrambling to copy stablecoins before stablecoins replace them.
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What is a tokenized deposit system?
It's like I'm sitting here with a ribeye watching two bums fight over who has the better cracker.
It's all so tiresome.
This is what I'm afraid of. Bitcoin is a direct threat to bankers and the state. The same people that live like gods using our money is NOT going to let that go, and they WILL be capable of anything to keep being the elite.
What could go wrong 💀
The irony runs deeper - they're not just copying stablecoins, they're validating the entire premise that money needs to be programmable and globally accessible. But tokenized deposits still carry counterparty risk and regulatory capture that Bitcoin and properly-backed stablecoins don't. They're building a bridge to nowhere.
How fast can a fractionally reserved token depeg?
Pepperidge Farm remembers... Back in 2016 when these same clowns were like "we're just going to build our own Blockchain!"
Finally, they understood that the narrative against Bitcoin will not last any longer and that the market rules as it has always done.