Bitcoin Could Be Killed By The Banks That Created It ,Here’s Why
Story by: Billy Bambrough
Bitcoin is only 10 years old but the financial, technological, and economic phenomenon it has become could be almost over already, according to a new report that suggests the world’s banks and financial services companies could adapt to the new world of bitcoin, blockchain, and cryptocurrencies — making them near obsolete.
The global financial crisis of 2008, the catalyst for bitcoin and blockchain, shook the world and caused consequences we’re living with today.
U.S. president Donald Trump, the UK’s clumsy exit from the European Union, struggling emerging markets, the looming U.S. trade war with China, and a financial system that is neither trusted nor prepared for future shocks, are all symptoms of the 2008 financial crisis. Bitcoin ranks right along with them. And like the other symptoms, if it is dealt with by the establishment, it will cease to be a problem.
Bitcoin, blockchain, and cryptocurrencies have already changed the world. (Photo by Beata Zawrzel/NurPhoto via Getty Images)
“Lack of political leadership in the immediate aftermath of the financial crisis globally has created a tide of populism which has led to economic nationalism and trade wars,” writes Rebecca Harding, chief executive of tech company Coriolis Technologies, in a report, The Global Financial Crisis and its Unforeseen Consequences, out today.
Bitcoin, according to Harding, is a financial form of populism — analogousto the election of Trump, the rise of Europe’s far right, and the return of socialism to the mainstream political narrative. Bitcoin is the natural response to a broken system. Fix that system and the need for bitcoin, public blockchains, and other cryptocurrencies evaporates.
Banks are in the midst of mobilizing their response to the emergence of bitcoin and blockchain. Some of that response has been an embrace. Elsewhere, it has had a firmer hand. The cryptocurrency XRP, better known as ripple, is one such way banks are embracing cryptocurrencies — looking to use digital tokens on a blockchain to move money across borders faster, cheaper, and with (slightly) more transparency.
Original story by: https://tinyurl.com/y7xdwcyq
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