The banks, and Dimon, are terrified of these new technologies because this will eliminate the need for a third party to be involved in money transfers. This is exactly what the telecommunications industry said about the internet in the early 90s. They said it is dumb and for a few "geeky" people, but it wouldn't affect their industry. Once it started taking over it was too late for most telecomm companies to compete and stay alive. Now the banks have done nothing to speed up the money transferring system or anything to cut the costs and Bitcoin, and numerous other blockchains have. Now it is too late and the banks are going to struggle to keep up with this new technology and many will try to adopt it, but they will centralize it thus eliminating it's value. Most banks are going to go under and some realize it right now...
You are viewing a single comment's thread from: