Hoskinson believes banks are selling bitcoin following Kanye West, JP Morgan fallout

Charles Hoskinson, the creator of Cardano, made the comment in response to a photo of Kanye West wearing a hat with a Satoshi Nakamoto inscription after being de-banked by JPMorgan.

In a tweet dated October 17, the inventor of Cardano, Charles Hoskinson, argued that American banks have contributed more to the marketing of cryptocurrencies than industry participants.

Hoskinson made the comment in response to a photo of Kanye West carrying a hat with a Satoshi Nakamoto inscription after JPMorgan terminated his banking relationship.

According to media sources, U.S. banking firm JPMorgan severed connections with the iconic rapper earlier this month and gave him until November 21 to transfer his assets to another financial institution.

Many individuals believe that the bank’s decision was influenced by West’s recent antisemitic comments. Prior to then, the rapper had challenged the leadership of the bank and had troubling connections with a number of significant corporate partners, including Adidas.

Kanye West said in a video widely shared on Twitter that he did not violate any laws and that JPMorgan’s decision was unexpected.

Several conventional financial institutions have lately wielded the big stick by severing links with certain persons and entities for unknown reasons.

Several Portuguese banks, notably CriptoLoja and Mind the Coin cancelled the accounts of a number of crypto companies without providing a reason. In the United States, JP Morgan Chase closed the account of Uniswap’s founder Hayden Adams without warning or explanation the previous year.

Also Read: The XRP Ledger Develops The First Ethereum-Compatible Sidechain

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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