For nearly a decade, Bitcoin and cryptocurrencies have continued to push the boundaries of change in our daily lives as adoption becomes more widespread. More than the trust, which it certainly threatens, it is the current banking system as a whole that should be on its guard. There is obviously a risk that the latter will become obsolete in a future where cryptocurrencies are the norm. This is what Mark Yusko – CEO of Morgan Creek – thinks for whom a society without a bank will soon be inevitable. Explanations.
The cryptographic ecosystem will allow everyone to bank
Yes Mark Yusko evokes the imminence of a society without a bank, it is because of the silent revolution led by cryptocurrencies led by Bitcoin (BTC). To protect against the predicted decline of trusts, people may increasingly consider converting their savings to BTC. The asset is gradually perceived as a safe haven, its importance during the coronavirus crisis will have further convinced the skeptics. Bitcoin and cryptocurrencies stored in online wallets, their holders could therefore do without the bank custody service. Mr. Yusko goes even further by asserting that users around the world will eventually: ” bank thanks to cryptocurrency “.
The CEO of Morgan creek does not envision a complete disappearance of banks, but just that of some of their prerogatives. He thus recognizes that banks would still be necessary in a society ruled by cryptocurrencies. ” We will always need banks to make loans, digital currencies or digital fiat to go hand in hand with crypto at the heart of the system. But the idea is that we are moving towards a borderless world, and nation states will become less important, world systems will become more important, and you can be a citizen of the world rather than a citizen of one state. -nation” did he declare.
An architect of the Bitcoin takeover
If Mr. Yusko considering at this point the decline of banks in favor of cryptocurrencies, it is above all because he is no stranger to the revolution that is underway. His investment management company for wealthy families and institutions is specializing in digital assets with Morgan Creek Digital. This subsidiary of the group therefore participated in a certain way in democratizing Bitcoin and cryptocurrencies in the eyes of the big fortunes. The co-founder of the company, Anthony Pompliano, had already predicted recently that Bitcoin would end up taking a larger share of the market than gold.
Despite Mr. Yusko’s words, it would be fairer to think that the banking system in general would adapt to a takeover of cryptocurrencies around the world. US regulator Brian Brooks recently mentioned the possibility of granting banks the right to keep their client’s bitcoins.