One of the biggest threats to Bitcoin (BTC) and cryptocurrencies is currently Google’s quantum computer. According to experts, the threat to the cryptocurrencies market may also be something else – Google’s entry into the financial services industry. Are they right?

A bank account from Google?

According to Bloomberg, Alphabet Inc., better known as Google, has established cooperation with the American banking giant Citigroup in order to launch a service enabling the creation and maintenance of bank accounts via Google Pay application. The project, with its working name Cache, is called the “bitcoin killer” by mainstream media. However, their pessimism and possible impact of the project on the market is much exaggerated.

According to the Financial Times, the concept and details of the project are still unclear, but some financial experts are already advertising it as the future of banking. However, it may happen that customers simply get access to the elegant Google platform with the possibility of opening and maintaining a traditional current account.

Google clearly sees Facebook as a major threat because of the social media giant’s ambitions to dominate the cryptocurrencies market – the Libra project, of course. Given the huge resistance from politicians and regulators to Facebook, Google has opted for a more traditional approach by working with a reputable bank.

Caesar Sengupta, Director General for Payments at Google, said:

Our approach is to work in depth with banks and the financial system. It may be a bit longer, but more sustainable.

There is no threat to Bitcoin

Forbes, as usual, criticizes cryptocurrencies in his article, predicting the end of Bitcoin, but the claim that bank accounts from Google may pose a greater threat to digital currencies than quantum computers is at least far from the truth.

Bitcoin and other cryptocurrencies operate in a completely different sphere of finance than traditional banking, not to mention the low probability that people with some assets in their virtual wallets will want to cash them and transfer them to Google.

Google is not the first technological giant to want to enter the financial industry and will certainly not be the last. Of course, as usual, it declares that it is doing so for the good of the world. The corporation wants to build a world in which almost everything can be done online. The Cache project is the next step towards this goal.

However, the project may pose a threat for another reason. Thanks to it, Google would have access to information about how much we earn and what we spend our money on. It’s no secret that technology corporations want to know everything about us, and as you know, financial data is sensitive data, so Google’s new plans may cause concern.

Travon Temple
Witold Adruszczak CEO of the Bitcoin-Squad.com project for 3 years associated with the crypto industry. This year we have decided on an international project. Our goal is to build Bitcoin awareness in the world. Education and support for people with no experience in the new industry which are cryptocurrencies. If you need more support please write in the comment. For all I always try to answer questions under the articles.