Bitcoin Forum

I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.

Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion (https://www.forbes.com/sites/billybambrough/2021/08/23/bankers-issue-seismic-warning-bitcoin-ethereum-bnb-cardano-and-xrp-could-replace-the-dollar-in-just-five-years-as-crypto-market-price-adds-1-trillion/)

".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.

"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.

This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."

This is a bold statement but at the same time is a wake up call to the traditional financial institutions to start doing something with their lives and try to make things different in order for this warning to not ever happen. I do think it's bullish but given how crypto community hates the government shilling for them to some degree because they know that there's some sort of condition for that shill, I think that it's not going to that big of a deal.

I don't think crypto has the power to replace USD, but it definitely has the power to make banks look old and obsolete. That's why the banking lobby is pushing governments to impose a blanket ban on cryptos. I receive weekly mailer from my bank and a warning against cryptocurrency is a staple part of that mailer! Inevitably they mention the bitcoin is a risky things and they advise their users to stay away from it.

So banking lobby is already facing the heat and very well understood that cryptocurrency can make them irrelevant from the financial scenario. But bitcoin alone can't do it. Neither it can replace USD. Not at least in our lifetime!

It's already an obsolete system even before bitcoin, what bitcoin did was to expose banks that either they need to change things for good or they will die a slow painful death which isn't really good for everyone because when it comes to slow, the people will be affected too. But even if they're facing this kind of heat right now, the government still has their backs so they might be able to live much longer.

USD can not be replaced by Bitcoin at the moment and may even be hard to replace cash in 100% digital dollars.
The capacity of the market does not make it the only currency in the world and people must stop the use of the rest of the currencies.
The results of opinion polls may be biased and inaccurate.
Finally, some banks buy digital currencies caused that continuously want to workout a new category of assets, but most of these investments do not exceed 5%.

USD is still strong since its the mostly used traded currency as well as the reserve in this whole world maybe the end of US domination will also result into the end of USD domination as well in the world trade Market but whether the bitcoin is going to replace it or centralized tokens created by other supernation like China will?

It's not just USD that's the reserve currency for every country, I think there's Euros in the mix already in this past few years. I don't think that China will bother, they've banned mining of bitcoin already so they're sort of out of the picture. I don't that their warning will make this banks get scared, they're a long existing institute already, how is a decade old technology going to turn them inside out?

No, Euro will take atleast 2 or more decades to surpass the reserve value of USD with their current growth but after the pandemic which is even not expected to happen. Only Chinese Yuan may surpass it but their fist is not accepted anywhere that is why they are supporting CBDC while banning the decentralized cryptos.

I have an even more "seismic warning" to issue: the "crypto" USD is bound to be replaced by will be worse than any kind of currently existing currency due to dimnished/inexistent privacy and due to full control. Yeah, they want to replace USD and I suppose it's because of cash still being a way to stay unidentified. But what they're gonna replace it with will be a nightmare for anyone like me who cares.

Bitcoin could replace US dollar in only five years? This news just makes me laugh a lot.  :D  Bitcoin has still a very long way to go to be able to reach that level. And I don't even think that it would replace one of the most powerful fiat currencies in the world. Rather than Bitcoin, the digital currencies which governments have already started developing are going to replace fiat currencies in the future. And I've no doubt about it.

Although bitcoin adoption is growing at faster pace and many are using it through Lightining Network also but still we are in early phase of adoption and still many don't use or know about bitcoin and crypto market.On the other side US dollar is most strongest currency globally which can easily be traded in import/export business and you don't find any difficulty but it's not the case with btc at the moment.You have to seek buyers/sellers who pay and receive in bitcoin and again they need to convert it into USD or legal cash to use it.The bitcoin could do banks what smart phones have done to telephone, internet to mails but if you say completely replace fiat it will take some time and 5 years is short span of time.It will serve as alternative to fiat payment and slowly overcome it for sure.

I have a divided opinion about the article itself, because the author seems to have decided to use research to promote some altcoins - because it makes sense to mention Bitcoin as something that can replace fiat to some extent (by no means completely), but put it in the same context some altcoins that hardly have any purpose is more than obvious attempting to promote them using clickbait titles.

If we think logically, why would some bankers think that the US would allow something like this to happen - as if they had no mechanisms to prevent it at any time. What is changing in the US are presidents, senators and congressmens - but some policies are fairly consistent, and defending the national currency is a top priority. The former Treasury Secretary in the Trump administration presented this very vividly a little over 1 year ago - does anyone suspect that people from the Biden administration thinks otherwise?

I think the same as you. Bitcoin needs more time to work together with any fiat money but not to replace the fiat money. Bitcoin can be another option for people to make a payment besides using fiat money. I agree that the government starts developing their digital currency replacing their fiat money because the resources to the material will not last forever. The government needs to think seriously about that if they want to grow in the future.

I think the same as you, to me this seems like a cry for help, they are worried the monopoly they have built over the last centuries is going to be destroyed simply by the advancement of the technology that they thought was not possible, however regulations are not going to be enough to stop this market, even a ban will not be enough as people are not going to stop accumulating bitcoin even under those circumstances, also it is fair to wonder if bitcoin is becoming too big to ban as if they do there are some companies that will suffer greatly as they have been accumulating a lot of bitcoin during the last year.

I know this is a Forbes article, but to me this reads very much like sensationalistic journalism.  It really doesn't matter much what a bunch of unknown banking executives think; it matters what the banks actually do--and right now there aren't a lot of banks that even want to have anything to do with bitcoin, i.e., it's the same as it's always been.

And as far as bitcoin or any of the altcoins replacing the USD in five years?  I seriously hope that isn't the case, and that's coming from a bitcoin fan.  There would have to be an economic apocalypse before that happened, and I'd be very interested to know why those bankers who were polled think the USD could be in that much trouble.  Yep, I'm aware of the US's debt and money printing and all of that, but when bankers start making predictions like this, it's a bit scary.

There's also the possibility that the poll data is complete BS.  The banking execs are anonymous, and think about it: they could be crypto holders, and by saying something this bullish they could be anonymously manipulating the market.  That might sound far-fetched, but who knows.

Sounds too speedy to see crypto will replace USD in 5 years but it's a possibility because the shifting of powers really is fast too. I'm sure they know the difference between cryptocurrency and digital currency from CBDC.

If they mean crypto, it's surely Bitcoin that we are pointing to like countries making BTC a legal tender. But then more than 80 countries have plans to create their own CBDC and I don't think these governments will change their minds.

It’s my belief that the current generation of people aged 18 to 45 would experience Bitcoin become a World Reserve Currency, but Bitcoin to replace a country’s currency? In 5 to 10 years? That’s a laughable notion.

OP, are those Bankers HODLers? 8)

Really? Yuan is going to overtake them? How can they exactly do that? Aren't their economy exclusive so wouldn't they have a hard time becoming a reserve currency for many countries in that format. I don't know if CBDC is going to make things different for them to be honest.

Forbes contributors, and yeah, it's sensationalistic, same author with this garbage (https://www.forbes.com/sites/billybambrough/2021/08/21/urgent-warning-issued-over-the-future-of-bitcoin-even-as-the-crypto-market-price-smashes-past-2-trillion/):
https://www.forbes.com/sites/billybambrough/


So one has to ask, how is going a bunch of code that needs an "urgent" update, lol, replace the USD.
Besides, there is a little thing in the article:

First line:
Another line:

Just one word that changes a lot, besides, if you look at the target of the pool:


With that targeted audience, the results look less and less amazing.

To add to this also in the real perspective, it is the new generation that talk about bitcoin or cryptocurrency, older folks don't. The older generation still have there thing about bitcoin , the reason buffet isn't really positive about it . I think 5 years is too short if that can happen in the first instance. What I know can be possible is CBDC and that is getting stronger by countries. They all, Fiat, CBDC , cryptocurrency/bitcoin and all other forms of money or payment system can exist independently from each and that is the real kind of atmosphere for real freedom.

I would not trust the results of such surveys. In fact, the news described does not come from the bankers themselves, but from the people interviewed. Now let's think about who could make such predictions. These are probably people who are already familiar with cryptocurrency, who have invested their money in it and expect its price growth. People who are not familiar with cryptocurrency and are not interested in it cannot generally make predictions about the alleged replacement of the dollar with cryptocurrency. Well, we already know the optimistic forecasts even on this forum. If the dollar does not have trouble for other reasons, the cryptocurrency is not afraid of it yet.

If there is one thing you should never underestimate it's hows much people overestimate their own skills at predicting future events. Many of these are probably the same types of "banker" that were buying up subprime mortgages with glee right up until the bubble burst in the 2008 financial crisis. We've already seen that just one tweet just hinting at the idea of extra financial regulations being imposed by the US against Bitcoin can cause the price to plummet across all cryptocurrencies. The dollar being the worlds primary financial monetary instrument, the many countries around the world rely on to prop up their economies, is not going to be replaced in the next 5 years - maybe 50 years at a push. If there was any doubt or inkling of an idea that it might, then you could expect the US government to (successfully) clamp down on it and crush the current price as the dollar gives them incredible leverage over other countries.

It is definitely bullish news. But I'm having my huge doubts about this. Because I don't see that Bitcoin has reached that level yet. It has still a long way to go and develop more. First of all, Bitcoin's volatility won't let itself replace a strong fiat currency like USD. And there is no way that there will be a magic touch and this will happen in only 5 years. 5 years is a very short time period.

Woah really bullish news. I thought it would take few decades to replace fiats but with this news it is possible that the adoption by banks is nearer than expected. However, I am skeptical about this in just a 5 year span of transition. I think it would take up to 10 years to be fully implemented if banks and US government allows it.

The text of the proposed topic does not talk about the statements of bankers that bitcoin may soon replace the dollar. Therefore, the title of the topic does not correspond to its content. This topic talks about the results of the survey. It is also not indicated among which category of persons the survey is being conducted, but it can be assumed that this is a general survey of people and the answers of those who can say something about this are given. I don't think one should be guided by these results and take them seriously.
The dollar is the currency of the United States. Who will replace the dollar with bitcoin without the participation of the US Senate and government agencies of this country? We can already see the reaction of some international financial institutions, such as the IMF, to the actions of the El Salvadorian authorities to accept bitcoin as a national currency, even before bitcoin becomes such a national currency. No, I don’t think it’s possible. Cryptocurrency cannot replace the national money of states.

One thing's for sure though, they (cryptocurrencies) have shaken the foundation of money as we know it, hence even why bankers are thinking of making the switch into cryptocurrencies. It will take a while before we see crypto being issued on banks, but I think it is the way forward for our society. Also, I don't think this is a sign that bitcoin or any other decentralized crypto will take over, it's just that crypto will just be prevalent in our society and there is a possibility that bank-issued cryptos will arise.

It sounds like a prophecy. Five years is not as long as it may seem. I think in 10 years' time we should have forgotten what cash is.

I believe many people haven’t fully understood the consequences of Bitcoin, and cryptocurrencies. Once it has achieved more than 30% adoption from the 7 billion people living in the world, there would be less need for traditional banking. We would be paying for everything through Bitcoin.

I see this clearly happening, it is not so long ago when cryptocurrencies replace the dollar and other fiat currencies, I say cryptocurrencies and not Bitcoin because Bitcoin alone is unable to do that at the moment unfortunately due to the big problems that exist in the Bitcoin network such as high fees, delays in transaction time and increase in block size ....
But if we look at cryptocurrencies as an integrated system, this can easily be done. There is Bitcoin as a store of value, a safe investment and a hedge against inflation. There are also stable coins such as USDT, BUSD... to keep the value of the currency stable, also there are coins that have networks with low fees and fast transfers such as, XRP ,TRON, BSC .
It is possible in the future, by combining all these in one system, to obtain a high-quality integrated monetary system that has solutions to all problems and is able to replace the dollar and the old banking financial system.

It seems like bullish but it is no more than a dream I believe. In 5 years, Bitcoin have to evolve into something much better to be able to replace one of the most powerful fiat currencies. And it seems like it is near impossible. First of all, I think that it will never happen unless the volatility in the price is gone. Because especially developed countries wouldn't lean towards making it legal tender because of this.

These people are oriented on giving financial advice, and given how Bitcoin seems to be very well-performing as an asset, they realize it's stupid to encourage their clients to avoid making money with it. This I can understand, but that cryptos might replace USD is a totally different thing, as here we're talking about Bitcoin as a currency, not an asset. Then again, it seems that question was whether they could replace fiat, not whether they will, and it's a big distinction. Because anything could happen, and it's not even a question about the degree of certainty. Perhaps many voted that cryptos could replace fiat in a sense that they could, but it's unlikely. And stompix pointed out some very important things about the limitations of these results as well.

It makes sense that Fiat monetary systems as we know them today will eventually die out. Whether it will be replaced by cryptocurrencies or some other form of electronic form of payment I am not sure.
Bitcoin is conceived primarily as a digital currency and electronic payment system. However, these days, for most people, it is primarily used as an investment tool. Only time will tell whether bitcoin is a good buy as an investment vehicle. But, while bitcoin as an investment vehicle is gaining traction, its market for currency is dwindling. In fact, its daily volume has been in decline since since April as shown in the chart below. However, while this makes bitcoin less appealing as a currency, it makes it a better store of value in my view.

https://i.imgur.com/3u3boDj.png
Number of daily Bitcoin transactions worldwide from January 2017 to August 15, 2021 (https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/)

Ah, so we gonna open up first champagne bottle for bitcoins success after 5 years basically.  ;D
Well though this is serious issue one should not be influenced by it. The restrictions or imposing any regulations on crypto or public ledger is not easy task. If one government does it then there will another one who will accept it. Bitcoin is not threat to the banking system, it’s just being considered one of the factor to interfere with the banks. However, banks do forget sometimes when some one sells bitcoin or alts for the Fiat then they are benefiting from it. The transactions are moving smoothly from Fiat to Crypto and vice versa. This process will actually Nurture the way we transact in future. Not sure why these devils wanting to surprise everyone with such actions.

I don’t think it’s a warning, more of realising the inevitable and a well known fear of missing out. The only question is: what are the banks going to do about it? How are they willing to adopt cryptocurrencies if the whole point of them is to function without a third party, such as banks themselves.

When these people speak I always tend to "translate" what they say. For example, "stock X will raise a lot" means that they are loaded and they would like you to buy to pump it. If they say bitcoin will replace the USD, they mean: "we are loaded of bitcoin and our clients have bought big time, so now we want you to buy a pump". Most of the estimate and forecasts that are made public are so simple to read that I am still amazed that people fall for these over and over.

The Banking sector rely very heavily on the "controlled" system of governments and Reserve Banks.... so why would they now abandon that shield and protection of the Fiat financial system being manipulated to protect them?

We know the governments use tax payers money to bail out Banks, when they are reckless with their customers money and the Reserve Banks manipulate the supply of money to the Banks and also interest rates to control the value of the Fiat currencies.

The Banks might adopt a "GovCoin" that are controlled by governments, but not something that are controlled by the open markets. (Supply & Demand)  ;)

This is hype run absolutely amok.  I'll take the over on crypto replacing the USD within the next 5 years.  Where can I place this bet?  I'll take the over on the next 10 years too.  If you want to know how out of touch the respondents are, consider that those thinking crypto could replace the USD "in the next 5 to 10 years" also said that it has "already achieved mainstream adoption."  Apparently they have set the bar for "mainstream adoption" so comically low as to involve not being able to conduct 99% of your everyday commerce transactions.  

Where I will agree that it has reach "mainstream" adoption is as an investment class, but this is worlds apart from CURRENCY use.  Nobody uses it as a currency.  I would wager not even the idiots in this article who said it's already reached mainstream adoption.

It might seem like bullish news but actually it isn't. Because I'm 100% sure that there is no way even Bitcoin will be replacing US dollar in only 5 years. Actually, I think that such incident will never happen in the far future also. We are talking about a fully volatile cryptocurrency. Some governments of developed countries are already insinuating that they are not supporting a currency which has a continually changing price. Honestly, fiat currencies also lose and gain value. But we don't see this high rated changes in them as in cryptocurrencies of course.

The big red flag there is when they say crypto they are including centralized digital currency, since the dollar is already digital and centralized we wouldn't be doing anything different.   People have been anticipating the Dollar not being the primary global reserve currency since Nixon shock (https://en.wikipedia.org/wiki/Nixon_shock) of '71 and its still here.  
   What happens next will only be a surprisingly 'seismic' if we are no longer relying on FIAT or centralized authorities to dictate value and policy.   So the IMF will likely release a 'crypto' as well as many other agencies private and public, that wont move us on especially apart from lessening dollar influence; it will still be politics not capitalism or people in control of economic value.

The agreement of Bretton woods lasted about 25 years before 'sort' defaulting and its been 50 years nearly twice as long since then in a steady decline that has made the common working man worse off every day.   I dont know what happens next but we arent getting a proper crypto ( ie. non fiat)  system easily or in a rush I expect

I believe that we are in a situation where it is totally possible to actually have a cryptocurrency world, where a person can live with only crypto without ever living with anything else.

Right now, that is handled by exchanges that have cards as well, it is not a credit card, it is a debit card that you can use with your crypto, so you have 10k+ dollars in your exchange account? You spend 20 bucks on a meal somewhere but have zero dollars on your exchange account? That's fine, it cashes out 20 bucks worth of bitcoin from your account and pays it, that way you are always at 100% crypto without ever going to fiat and can pay for everything with it.

This is why I think the world is getting a lot closer to full-time crypto, and this will hurt fiat a lot, think about everyone trying to sell and get out of fiat world, that will devalue fiat a ton more, and that is good for us because crypto will be worth a ton more as well.

Probably the next step is a world currency, after all it is difficult to believe that we are going to use for international trade the currency of a single country as we have seen the huge incentive this gives to that country to keep printing that currency and keep exporting their inflation to other countries while they exchange useless pieces of paper over real products and services.

However at this point in time I do not really care what is going to happen as long as I can keep using my bitcoin, as it will be a mistake to keep most of your wealth in an asset that can steal your wealth through inflation.

I do not think that bitcoin would ever replace fiat, it is not just not possible, bitcoin is pegged to USD and that is why it can't do that. The reality is that we are already using bitcoin a lot to move money around, someone from USA sending bitcoins to someone in Pakistan for the work they did etc etc is still being done and has been a thing for a long time, but USD is much more than that, USD is not a way to send money away to other nations, it is not just an international money transfer method, do not consider dollars like that, that's paypal that you are thinking about, bitcoin is taking over paypal type of business and all will be gone in the future because of bitcoin but that's it.

Fiat is way too important to give up, especially in a nation, international it may change but within the nation it will always keep its power because of the governments.

Fiat is more secured than bitcoin because it does not change its value, unlike bitcoin which is very volatile. For now, it's only popular because people treat it as an investment and we have not seen big adoption yet on bitcoin that it could compete with fiat. The hype on the crypto space happens where big companies or popular personalitiesy holds or accumulates bitcoin, but so far, we have not seen them accept bitcoin and become bitcoin as their biggest transactions, except for the crypto gambling sites which obviously crypto are solely used.

I don't think crypto will replace USD in 5 years. Fiat has been established for decades and replacing it would mean big change in the banking system. And that I believe, would not happen in 5 years. I think, let us aim for higher adoption of crypto rather than aim for replacing the traditional fiat system. Because more likely, the more plausible to happen is increase in crypto adoption rather than replace the traditional banking system. I don't know why people are really thinking that crypto can easily replace a long established financial system.

This is just a nonsense article that aims to attract some attention. You know what that mens when you say that crypto replaces the USD? This means that you will see the prices in BTC instead of USD in supermarkets, you'll pay taxes in BTC, the government will calculate it's budget in BTC and so on. You can replace word BTC with any word that you wish that's connected with cryptocurrencies but I don't think such a huge alternations will happen in so near future.
Also, keep in mind that we need to digitalize the world at first and at the moment the whole society doesn't have access on internet.

I think that the warnings are issued to be able to take forecasts, I think that in 5 years we will still have movement with FIAT money, the cryptocurrency boom will probably grow a lot, so governments worldwide may implement their FIAT currency using Blockchain technology, Of course those who can now buy Bitcoin to protect their finances is something great, it would be something unique from now on to be able to have that type of safe haven, of course what is closest in the near future is everything at the digital level, China already has its own stablecoin, and that already means a lot.

You nailed it, this was done in order to bring attention to a problem that is scaring bankers all around the world, obviously they do not think this can happen during the next five year but they see the potential of this happening over the long term.

So this is a warning to the government so they do something, unfortunately for them bitcoin cannot be stopped and despite their best efforts bitcoin is still here, so there is nothing they can do to stop the worldwide adoption that is coming.