Customers reported about fiveinstances of customer accounts being closed for interacting withcryptocurrencies at the Bank of America. The banker recommends opening an account at a comparatively smallerbank, thereby, transferring the funds, eventually breaking the link between thebank account and the cryptocurrency exchange.

Internal compliance policies ofthe Bank of American read thus: "Cryptocurrency exchanges or digital currency exchanges (DCE) arebusinesses that permit clients to trade in cryptocurrencies, virtual or digitalcurrencies, for other assets.”

The policy further added: “Do not open accounts for cryptocurrencyexchanges or businesses whose primary business is the trading of, or investmentin, cryptocurrency, virtual currency, or digital currency whether as agent orprincipal.”

While not all significant banksgave clear cut answers regarding cryptocurrency transactions, Chase Bankrevealed very clearly on their internal compliance policies, stating: “Opening a cryptocurrency account forbusinesses is prohibited.”

When questioned about theexisting state of development of the cryptocurrency industry, Moreheadconcerning the Gartner Hyper Cycle related to innovative technologies stated:

"A small kernel of importantthings gets people to be crazed about [Bitcoin] and then [there's a] trough ofdisillusionment. And we have already gone through two of those cycles in thesix years that we've been investing in [cryptocurrencies]."

He further opined that Bitcoinand the blockchain technology are in the earlier stages of development and itwill take at least a decade for Bitcoin to mature.

Dan Morehead pointed out: "If you ever go back and zoom your lens for more than a year, Bitcoin as aproxy for the industry is always going up."

The market continues to bedominated by bearish sentiments.

Mnuchin stated, "I canassure you, I will personally not be loaded up on Bitcoin in 10 years, I wouldbet even in five to six years I won’t even be talking about Bitcoin as TreasurySecretary.”

Mnuchin opines that the futurefor the cryptocurrency is bleak and he further continues to bat for the USD. Healso clarified that the dollar is the reserve currency, and in our interest, wewant to maintain it.

With the coming of thecryptocurrency, several discussions have been sparked over whether techcompanies are taking over the functions of banking institutions.

Bruno Le Maire, Finance Minister of France,stated: "We cannot accept private companies issuing their currencieswithout democratic control.”

The least likely scenario at this point is “TakeOver.”