Hip-hop icon and businessman Kanye West was seen sporting the Bitcoin founder Satoshi Nakamoto Hat after his corporate bank account was shut down by JP Morgan Chase.
In a tweet, political commentator Candace Owens shared a letter Ye allegedly received from financial behemoth JP Morgan.
JP Morgan gave Yeezy LLC and Ye until November 21st, 2022 to transfer the account’s funds of about $140 million elsewhere after the rapper’s formal split with the financial institution.
Many have concluded that the bank’s choice was motivated by West’s most recent anti-Semitic remarks alongside other problematic comments he made on social media amid the Paris fashion week havoc.
Prior to it, the rapper had questioned the bank’s management and strained his connections with a number of important clients, including Adidas.
Kanye West asserted that he did not violate any laws and called JPMorgan’s choice shocking.
West noted “I put $140 million into JP Morgan and they treated me like sh*t. So if JP Morgan Chase is treating me like that, how are they treating the rest of y’all?”
All of this comes after PayPal attempted to impose a $2,500 charge on any users it deemed to be engaging in unprofessional conduct.
PayPal faced the wrath of its client base calling out the lunacy of a financial firm attempting to regulate what is and isn’t acceptable speech, forcing them to swiftly withdraw their policy and pretend that it was an error.
Zooming out from the specific story involving Ye and what he said, it’s critical to recognize the rapidly growing practice by established companies, with obscene levels of entrenchment and power across the banking and payments sectors, trying censorship.
The inclination of conventional financial institutions to arbitrarily close user accounts may encourage the adoption of cryptocurrencies in a wide manner.
If JP Morgan’s efforts against Ye and PayPal’s attempted activities against their user base are any indication, cryptocurrency such as bitcoin offers an extremely high level of value in the case of centralized institutions, says the community.