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What I’d love to understand is what impact a crackdown on banks might have on the Bitcoin industry at large (think second-order effects).
I just found yesterday that my bank refused my attempt(s) to deposit at Strike using my bank debit card. There was a message in the app saying I needed to call my bank for verification. I've done these deposit transactions with Strike using the same bank debit card for months and months and never previously had this "Verification" requirement. And my bank debit card works just fine for other charges I've made prior and since.
I have no idea what triggered this or what this verification entails, but I am most certainly not going to call my bank for verification. The other option is to set up deposit on Strike using bank transfer (instead of debit card), but Strike uses Plaid, and I refuse to let that commercial data harvester gain access to the past few years of my bank account transaction history.
But the dumb bastards at my bank haven't really thought this through. So I have my paycheck going direct deposit to my bank, and then from that I send a portion of that fiat to Strike.
But Stike offers incoming direct deposit as a funding option for me as well. So by the next pay period I will have instructed my employer to change the routing # and account number to pay instead the direct deposit info given me by Strike.
I will need to move a potion of my fiat funds that were received at Strike and then transfer them to my bank. But there are various methods to accomplish this, including using bitcoin as the payment rail to get dollars into my bank account.
So now, my hassle won't be in trying to buy bitcoin, but that friction will then occur with me trying to move some funds out of Strike and getting them into my bank.
Will that mean I will be trying to lessen the amount of funds I send to my bank then? Yes, ... yes it does. And not only will my bank see less of my USDs, ... I now have an incentive to seek out and patronize merchants that accept bitcoin.
And that then puts the merchant in the same situation as me. The merchant receives bitcoin, so instead of selling the bitcoin they could instead spend that bitcoin, ... that cuts the banks out even further.
And I will dance on the banksters' graves.