Deutsche Bank Retrenches 18,000 Jobs
It seems that at a time when there is booming growth to cryptocurrencies traditional finance is facing a bleak picture ahead accentuated by the axing of 18,000 jobs at Deutsche Bank (DB) and its winding down of investment banking arm.
It was reported that the bank is exiting its equities sales and trading business which raked in 1.96 billion Euros in revenue last year.
Proponents for cryptocurrencies particularly those who endorses Bitcoin as an alternative monetary system were quick to point out that the prevailing monetary system is outdated and needs to be updated or replaced by the new one: Bitcoin.
This kind of event reminds the cryptocurrency community about the financial 2008 crash that become the catalyst for the creation of Bitcoin as an alternative monetary system to the archaic financial system we have today.
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