Independent Banker - November 2023 - 18

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How to talk to
customers about crypto
Most of your customers might not be investing in crypto, but their
money is at risk if they do. That's why community banks should stay
current on cryptocurrency developments and be prepared to offer
information and advice. By Jen A. Miller
reg Ohlendorf, president and
CEO of First Community
Bank and Trust, keeps an eye on
cryptocurrency, even if it's not all that
popular among the $207 millionasset
community bank's clientele.
He's only aware of a " few handfuls " of
customers of the Beecher, Ill., bank
who are buying cryptocurrency, with
their purchases ranging from $20 to a
little more than $1,000 at a time.
" It's certainly not wildfire, but to
say no one's doing it wouldn't be true
either, " Ohlendorf says.
He also knows that the decentralized
financial product-which is largely
unregulated, prone to wild price
swings and fraud-isn't going away
anytime soon and suspects that he'll
hear more about it in the future.
Community bankers should be
prepared to talk to customers who
ask about cryptocurrency or when
they suspect a customer is being
defrauded. This includes those who
may be confused by unregulated
companies offering bank-like
products related to cryptocurrency,
without the protections that a
community bank offers.
Here's what community bankers
should know.
What is cryptocurrency?
Cryptocurrency is virtual currency that
started as a decentralized, niche digital
product. Its proponents touted that
it could earn customers huge profits
while not being tied to one country,
currency or financial institution.
As cryptocurrency gained popularity,
it exploded into a multitrilliondollar
industry. It reached its highest
market capitalization on Nov. 9,
2021, when it hit $1.28 trillion, with
a price of $67,617.02 per bitcoin,
according to cryptocurrency price
tracker CoinGecko.
Crypto companies went on a
marketing blitz, spending lavishly on
G
18 // ICBA Independent Banker // November 2023
Illustration by Joschua/AI/Adobe

Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023

Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
Independent Banker - November 2023 - 8
Independent Banker - November 2023 - 9
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Independent Banker - November 2023 - 34
Independent Banker - November 2023 - 35
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Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
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