Banks have been fined more than $340 billion since 2000 for violating the rules. Bitcoin is not the problem. The current system is. Bitcoin is the solution.

The current system requires that we can have blind trust in the institutions, but history has shown us that they never cease to violate this trust.

Since 2000, banks around the world have had to pay more than $340 billion in penalties for violations of rules in the financial services world. The reasons for these violations are varied:

• Mortgage abuses.
• Fraud.
• Toxic securities abuses.
• Investor protection violation.
• Economic sanction violation.
• Consumer protection violation
• Foreign Corrupt Practices Act.
• Anti-money-laundering deficiencies.
• Banking violation.
• False Claims Act and related.
• Foreign exchange market manipulation.
• Price-fixing or anti-competitive practices.
• Interest rate benchmark manipulation.
• Tax violations.

I’ll stop here, but I assure you that the list is long. To get a better idea, I invite you to discover for yourself the Violation Tracker maintained by the Good Jobs First website: https://violationtracker.goodjobsfirst.org/industry/financial%20services

At the top of this shameful ranking:

1. Bank of America – $83B in penalty
2. JPMorgan Chase – $36B in penalty
3. Citigroup – $25B in penalty
4. Wells Fargo – $22B in penalty
5. Deutsche Bank – $18B in penalty