On Thursday, a question was posed to the crypto community on Twitter, regarding Deutsche Bank (NYSE:DB). Or, perhaps, it was less of a question and more of an idea. Regardless, it got people talking.
Should Deutsche Bank Become a Crypto Exchange?
This was essentially the question behind the tweet. Today, Joseph Young, a finance and cryptocurrency analyst, wrote to his 71.6K followers on Twitter that he thinks Deutsche Bank should dismiss its plans for restructuring and focus more on rebranding. Specifically, rebranding into a cryptocurrency exchange. His reasoning is that it won’t be long before the crypto sector takes over the finance industry.
Is Mr. Young on to something? In no way has Deutsche Bank ever mentioned undergoing a pivot of this kind, but it’s also not entirely impossible to imagine. Young added that it appears crypto exchanges are surpassing some of the world’s largest banks in profitability. He gave a comparative example, looking at how much profit Deutsche Bank brought in Q1 2018, and how much (reportedly) Binance recorded in 2018 Q1. Binance reportedly recorded a profit of $200M, while Deutsche Bank recorded $146M.
So, how did the crypto community respond to this idea? Let’s find out.
The Crypto Markets Respond
One Twitter user responded and said that there are rumors that Deutsche Bank is in big trouble, which meant if it ever did make the move and become a crypto exchange, that would be “a last throw of the dice.”
Another user wrote that Deutsche Bank should first consider investing in blockchain technology, writing that the bank needs to adapt to the newer technology.
Meanwhile, yet another user was in favor of the idea, calling it brilliant before adding that amid DB’s market share losses in traditional finance fronts, it is time for them to move into the new crypto field.
Not everyone liked the sound of this idea, however. In fact, one user wrote that this is not a good idea, as “there is already enough manipulation going on in this market.” The user added there is “no need for another internationally acting criminal organization entering here.”
What do you think of the idea? Keep in mind this is only an idea, and the bank has never mentioned such a move, but it doesn’t hurt to imagine.
Deutsche Bank is currently down nearly 2% on the New York Stock Exchange.
Featured Image: Twitter