China reiterated its cryptocurrency squeeze over the weekend. China’s Financial Stability and Development Committee has reiterated the crackdown on bitcoin mining and trading, pledging to prevent financial risks. Also recently, two of the most crypto skeptical voices in finance have spoken, Warren Edward Buffett, who called bitcoin “rat poison” and Bank of England Governor Andrew Bailey, who declared that cryptocurrencies: ” They have no intrinsic value. This doesn’t mean that people don’t value them, because they can have extrinsic value. But they have no intrinsic value. I’ll say it again very frankly: only buy them if you’re ready to lose all your money ”. These are only the latest outbursts against bitcoin and cryptocurrencies which, however, have now broken the banks and have widely penetrated traditional finance, even within the initially more skeptical one: from the realities of the banking sector such as Goldman Sachs, Morgan Stanley , and American Express, to multinationals such as Sony, Gucci, Prada, IBM, Facebook, Samsung, Google and DeutscheTelekom. Up to the space company Space X, owned by Elon Musk which will finance the Doge-1 space mission through the Dogecoin cryptocurrency. Gianluca Grossi of Criptovaluta.it explains: “Goldman Sachs will begin offering customers access to financial derivative products through a crypto trading desk, a service currently aimed at a small group of customers. More curious is the case of JP Morgan, which seems to be accelerating for an actively managed fund on Bitcoin, only in 2017 he declared that he considered Bitcoin a scam. Morgan Stanley, another legendary group of stars and stripes banking, has activated similar products, which for the moment will be available only to customers with larger capital. JP Morgan, initially hostile and suspicious of the world of cryptocurrencies, had to retrace its steps. “On the European front, the enthusiasm seems to be more contained, in fact the EIB – European Investment Bank – has placed only a small tranche of bonds right on the Ethereum blockchain: “Blockchain protocols such as Avalanche already offer all the tools to design efficient financial markets. Projects like Aave allow you to have automatic systems for managing interest, for lending and credit with collateral in cryptocurrencies. Systems such as Uniswap allow the automatic exchange – and at low cost – between different tokens, which sometimes can also represent real currencies, such as the US dollar or the euro ”. In short, financial institutions speak with a double voice: while on the one hand they raise barriers, on the other they move to exploit their technological and commercial potential. It is difficult to think that the process of development and penetration of cryptocurrencies is still reversible.