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So, Governor Tim Walz just signed this bill, not just for bitcoin, but for all kinds of cryptocurrencies. Banks and credit unions can now offer custody services starting Aug 1.
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I think more states will jump on this bandwagon. It's a trend that might go global.
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But isn’t this against the whole point of bitcoin? Shouldn’t it be peer-to-peer without a middleman?
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The real question is, can users actually withdraw their Bitcoin from these wallets?
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Honestly, if they can't withdraw, what's the point? At least open-source wallets like TrustWallet are a better choice.
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As long as people remember that using these services is optional, it’s all good.
I Posts: 108 · Reputation: 274
Yeah, managing your own Bitcoin is definitely better. But if using banks helps you get loans at lower rates, maybe it’s worth considering.
La Posts: 192 · Reputation: 1504
I see it as a way for banks to help clients store Bitcoin securely. People will still be able to withdraw their coins, right?
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Yeah, not everyone knows how to deal with exchanges or non-custodial wallets. This could be a lifeline for those folks.
Wi Posts: 68 · Reputation: 12
#10 Nov 29, 2025, 01:20 AM If they let users keep their private keys, then it’s basically a wallet. But who knows if they’ll do that.
Cr Posts: 162 · Reputation: 28
#11 Nov 29, 2025, 03:58 AM In Brazil, most banks let you buy/sell Bitcoin, but you can’t withdraw. It's all about confidence, I guess.
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#12 Nov 29, 2025, 08:59 AM Totally! Even with restrictions, seeing banks support Bitcoin can make people more interested.
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#13 Nov 29, 2025, 03:15 PM So, banks having custody means they can manage private keys for users. But that doesn’t guarantee withdrawals.
H Posts: 187 · Reputation: 80
#14 Nov 29, 2025, 05:07 PM Exactly! I predict this will spread like wildfire. More places will offer similar services.
0 Posts: 680 · Reputation: 80
#15 Nov 29, 2025, 06:29 PM But how do we know these banks are actually buying Bitcoin? What if it’s just smoke and mirrors?
J Posts: 183 · Reputation: 24
Some people are totally comfortable with centralized exchanges. They might feel just as safe with banks.
0 Posts: 680 · Reputation: 80
They might feel safer with banks than with unknown exchanges. That’s not a crazy thought.
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It’s all about convenience for most. Many don’t care about decentralization, they want easy access.
I Posts: 108 · Reputation: 274
There are valid concerns about this trend. But hey, if it gets more people into Bitcoin, isn’t that a win?
B Posts: 55 · Reputation: 8
People need to be informed. The right info can help them realize they still have options for privacy.