FinTech really disrupted the banking industry. This started near 20 years ago and only is accelerating.
In this video I discuss the future of banking along with how rapidly things are changing. The entire spectrum of money is changing and banking is no exception.
▶️ 3Speak
Very much respect your grind Mr. Taskmaster.
The other day I heard someone equate Tether to a digitized version of the Federal Reserve. Printing money out of thin air.
If you go down the rabbit hole, you will find that the Coinbase's of the world are backed by major VC's. If you ask me the banksters still run the world.
That would be interesting to see. Knowing those big guys, I think the chain would probably run on ETH because they want those gas fees but I guess it would also cost them money too.
Posted Using LeoFinance Beta
Summary:
In this video, the speaker discusses the evolution of the banking industry and the impact that technology and cryptocurrency are having on traditional banking institutions. He emphasizes how technology giants like Amazon, Facebook, Google, and Apple have gained immense power, influencing the digital world significantly. The rise of cryptocurrencies, decentralized finance, and fintech applications are posing a threat to the traditional banking system. The speaker predicts a significant transformation in the banking industry within the next decade, with many banks potentially facing failures or significant downsizing. He also speculates on the potential entry of major technology companies into the cryptocurrency space and how this could further disrupt the traditional banking sector.
Detailed Article:
In the video, the speaker begins by highlighting the historical dominance of the banking industry, noting how bankers controlled the monetary system for decades. However, he points out a shift in power due to the emergence of technology giants such as Amazon, Facebook, Google, and Apple, which have become influential players in the digital landscape.
The speaker suggests that traditional banking faces a major threat from the rise of technology and cryptocurrency. He discusses the impact of payment systems like Apple Pay, Google Pay, and PayPal, which have gained success outside the control of traditional banks. The advancement of decentralized finance (DeFi) and cryptocurrency further challenges the conventional banking system by offering alternative financial services.
The speaker predicts a significant transformation in the banking industry, foreseeing potential bank failures or substantial downsizing within the next decade. He discusses how fintech innovations, including cryptocurrency-based lending and borrowing, are reshaping the financial landscape. He suggests that cryptocurrencies could operate as an alternative to fiat-based traditional banking, potentially reducing the reliance on centralized financial institutions.
Furthermore, the speaker speculates on the involvement of institutional banks like Goldman Sachs and JP Morgan in the cryptocurrency space. He discusses the possibility of these banks integrating with decentralized finance services, utilizing platforms built on blockchain protocols like Ethereum. The speaker envisions a future where cryptocurrencies drive a shift away from traditional banking systems, potentially diminishing the dominance of fiat currency transactions.
Towards the end of the video, the speaker raises the possibility of major technology companies like Facebook, Apple, and Amazon introducing their own cryptocurrencies. He explores the potential implications of these companies issuing tokens and how it could enhance their brands and operations. The speaker envisions these companies expanding into offering banking services and other financial products tied to their cryptocurrencies, potentially centralizing control but leveraging the familiarity of centralized systems for users.
In conclusion, the speaker asserts that the banking industry is undergoing significant changes, signaling a decline in traditional banking models in favor of digital, decentralized, and potentially company-backed financial systems. He predicts a future where physical bank branches could become obsolete, especially in developed countries, as the financial landscape continues to evolve and adapt to technological advancements.
Nice piece sir.