Bank of America Closing Ex-PayPal CFO’s Account Is Another Reason to Consider Cryptocurrencies

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Prominent Venture Capitalist, Roelof Botha, has tweeted that the Bank of America has closed his account with no explanation and on very short notice. With such censorship control as this, Bitcoin and digital assets continue to stand as an alluring alternative.

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Botha, a Sequoia Capital Partner and former Chief Financial Officer of PayPal tweeted that after having been a customer for 20 years, America’s second-largest banking institution, the Bank of America, has closed his account with no explanation. This comes at a time where a censorship-free banking alternative exists in the form of Bitcoin and other cryptocurrencies.

Bank of America Cancels Roelof Botha’s Account

Several prominent names in the cryptocurrency space chimed in with their thoughts, pointing to the existence of Bitcoin as a direct answer to unexplained closures. Vinny Lingham, a South African entrepreneur and co-founder of the Civic project, also responded to Botha’s tweet, asking if “[Botha] bought any Bitcoin.”

 

As a partner at Sequoia Capital, Botha sits on the board of several companies, including Evernote, Mahalo, Square, Tumblr, Unity, and Whisper, and was previously on the board of YouTube.

Botha is in charge of U.S. operations for Sequoia and was involved in the firm’s investment in YouTube, Instagram, and Square. He was ranked 18 on the Forbes Midas List, which ranks business people in technology and life science venture capital.

Institutional Investments are Pouring into Bitcoin

Bitcoin and cryptocurrencies are increasingly being viewed as a solid alternative to traditional assets. Bitcoin is seen as an attractive alternative, especially for millennials, which @Rhythmtrader on Twitter pointed out in a newsletter, saying:

“When it comes down to this “Great Wealth Transfer” of Boomers to Millennials, we know one thing for sure, Bitcoin is positioned as a vehicle for the storage of newly acquired wealth. Millennials have demonstrated a strong trend of embracing the digital age with open arms while at the same time turning their backs towards the traditional financial system.”

Institutional investment in digital assets has experienced a marked rise in 2019, with Grayscale investments reporting a 300% increase in investment in Q3 2019. Initially a retail phenomenon, more banks and VC investments have entered the cryptocurrency market since 2018.


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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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