The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.
what do you mean don't need? of course we still need a bank. Banks are financial institutions that function to collect funds from the community and are managed for the community again. even though someday crypto is increasingly popular and more and more users. banks will still be needed as a place to borrow capital. and many companies or factories that need banks as a place to borrow capital. I think banks and cryptocurrency can run together without having to eliminate one of them. even they should be able to support each other.
I think they mean banks that are using fiat money. The primary reason why we need those institutions is so that we can be paid and pay for something digitally. When you're working, it's quite rare to get paid in cash. They are paying you by sending the money to your bank account because it has less work for them and for you. Besides, you're going to use your bank account mainly to pay for the things that you're buying. Cash is only used for smaller transactions, mostly for small shops that don't accept cards. With bitcoin, we're not going to need the banks for this reason.
Regarding the reasons you are talking about, I think the banks can switch to using cryptocurrency if that's what the people are looking for. On the other hand, there's really no point for them to do so since the money that we have in our bank accounts are essentially already a cryptocurrency. The only difference are they are issued by the government, they are centralized, and the government can create more of it out of thin air. Ever wonder why the banks are so calm when you tell them that your money got stolen due to a security breach? It's because they literally don't care. They will just add a couple of numbers in your account then that's it.
