![]() He’s a multiplatinum recording artist with tens of millions of social media followers. ![]() The two cases of PayPal and Ye represent what I believe are legitimate and mounting concerns surrounding centralized finance. I’m not sure, though, that this alone should imperil his access to banking services. He’s a controversial figure, and his comments are often erratic and designed to get a rise out of his critics. I don’t agree with everything he says, nor should you. No reason was given for the bank to cut ties with the billionaire rapper, but it’s easy to surmise that Ye was targeted for his political beliefs and outspokenness. In a letter widely shared on social media, JPMorgan says Ye has until November 21 to move his business finances elsewhere. #DeletePayPal started trending on Twitter, and the company’s stock tanked nearly 12% this week.Īs for Ye, he and his apparel brand Yeezy were reportedly dropped this week by JPMorgan Chase. PayPal, the financial technology (fintech) firm cofounded over 20 years ago by Peter Thiel, Elon Musk and others, was roundly criticized this week after an update to its terms of service showed that the company would fine users $2,500 for, among other things, spreading “misinformation.” A PayPal spokesperson was quick to walk back the update, even claiming that the language “was never intended to be inserted in our policy,” but the damage was done. Some of you will make the connections immediately. And the question: What are the consequences of financial hyper-centralization? Today we’re going to play the same game, with the answers being PayPal, Kanye (or Ye, as he’s now known) and central bank digital currencies (CBDCs). As Carnac, the late-night host would list off three seemingly unrelated words, all of which answered a question that was sealed in an envelope that he held to his forehead. Readers of a certain age will remember Carnac the Magnificent, Johnny Carson’s recurring alter ego.
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