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1. Banks go the way of Newspapers.
They won't disappear, but they change focus to value-added services like lending, intermediation and lose their current massive scale. Many disappear or break up, the most flexible go online for everything and start going after clients in a global way. In 2025 surviving banks are more like those newspapers that have survived the blogging revolution: different business model, focus on quality and brand-recognition and permanently aware that there are a million alternatives out there ready to eat their lunch if they don't treat clients well.
They won't disappear, but they change focus to value-added services like lending, intermediation and lose their current massive scale. Many disappear or break up, the most flexible go online for everything and start going after clients in a global way. In 2025 surviving banks are more like those newspapers that have survived the blogging revolution: different business model, focus on quality and brand-recognition and permanently aware that there are a million alternatives out there ready to eat their lunch if they don't treat clients well.
An important addition to this point:
Banks are forced by client demand to use multi-sig deposits, so that they no longer have the power to confiscate or block deposits in current accounts. People would once again be owners of the money that they have in their current account, instead of creditors of the bank. (Term deposits would still be bank liabilities... but smart contracts would probably put limits on what banks can do with them).
Does it mean for current account, the bank cannot use your bitcoin without your permission? That is bad for banks. They have to charge for accepting deposits.
