Bitcoin Banking Integration Advances as French Giant BPCE Launches Crypto Trading While Saylor Pitches Nation-State Digital Banks

Major European Bank Enables Crypto Trading for Millions

French banking giant BPCE has launched cryptocurrency trading services for approximately two million customers across four of its regional banks, marking a significant expansion of mainstream crypto access in Europe^[2]. The initial rollout includes Banque Populaire Île-de-France and Caisse d'Épargne Provence-Alpes-Côte d'Azur, offering trading in Bitcoin, Ethereum, Solana, and USDC^[2].

The service, managed through dedicated digital asset accounts operated by BPCE's crypto subsidiary Hexarq, charges a monthly fee of 2.99 euros ($3.48) plus a 1.5% commission per trade^[2]. If the initial phase proves successful, BPCE plans to expand the service across its remaining 25 regional entities throughout next year, potentially reaching its 12-million-strong retail customer base^[2].

Saylor Proposes Bitcoin-Backed National Banking Systems

Meanwhile, Michael Saylor, CEO of MicroStrategy—the world's largest corporate Bitcoin holder—is advocating for nation-states to develop Bitcoin-backed digital banking systems. Speaking at the Bitcoin MENA event in Abu Dhabi, Saylor outlined a vision for high-yield, low-volatility accounts that could attract "$20 trillion or $50 trillion" in capital flows^[1].

Saylor's proposed structure would utilize overcollateralized Bitcoin reserves and tokenized credit instruments to create regulated digital bank accounts offering superior yields compared to traditional deposits. He noted that bank deposits in Japan, Europe, and Switzerland offer minimal returns, while euro money-market funds pay roughly 150 basis points and US money-market rates approach 400 basis points^[1].

The proposed system would consist of digital credit instruments comprising approximately 80% of a fund, paired with 20% in fiat currency and a 10% reserve buffer to reduce volatility^[1]. "The account would be backed by digital credit with 5:1 overcollateralization held by a treasury entity," Saylor explained^[1].

MicroStrategy's STRC Product Tests Concept

Saylor's vision echoes elements of MicroStrategy's own STRC product, a money-market-style preferred share introduced in July with a variable dividend rate around 10% and a structure designed to maintain its price near par while backed by the company's Bitcoin-linked treasury operations^[1]. The product has already reached approximately $2.9 billion in market cap^[1].

However, the approach has drawn skepticism from some market observers. Josh Man, a former Salomon Brothers bond and derivatives trader, called Saylor's strategy "folly" in October, warning that "hiking rates on STRC to maintain/defend a peg or price level is not going to work when depositors want to get their money back out"^[1].

Bitcoin's volatility remains a concern for such products. At the time of reporting, Bitcoin was trading around $90,700, approximately 28% below its all-time high of $126,080 reached on October 6, though it has climbed 1,155% over a five-year period from January 1, 2020^[1].

Growing European Crypto Banking Competition

BPCE's move reflects intensifying competition in Europe between traditional banks and crypto-friendly fintechs including Revolut, Deblock, and Bitstack^[2]. Spanish banking giant BBVA now enables customers to buy, sell, and hold Bitcoin and Ethereum directly within its app using in-house custody, while Santander's digital arm Openbank offers trading and custody for five cryptocurrencies^[2].

The expansion comes amid growing regulatory clarity following the European Union's Markets in Crypto-Assets (MiCA) framework rollout. The full regime became applicable on December 30, 2024, with transitional periods for member states generally ending July 1, 2026^[2]. The European Commission has also proposed giving the European Securities and Market Authority direct supervisory responsibility over crypto firms to reduce fragmentation across the 27-state bloc^[2].