Bullish? Bankers Issue ‘Seismic’ Warning: crypto could replace USD in 5 years

[Argoo]

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

".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)."

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.

[Fortify]

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

".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)."

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.

[Kusman]

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.

[Koro-Sensei]

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

".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)."

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.

[Ozero]

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?

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.

[dothebeats]

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.

[SurVM215]

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.

[Wind_FURY]

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.

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.

[yhiaali3]

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.

[ILuckyGuyI]

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.

[kryptqnick]

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.

[Stalker22]

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.


Number of daily Bitcoin transactions worldwide from January 2017 to August 15, 2021

[so98nn]

Ah, so we gonna open up first champagne bottle for bitcoins success after 5 years basically. 
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.

[just_Alice]

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.

[paxmao]

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.

[Kakmakr]

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) 

[jaysabi]

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

".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 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.

[CLS63]

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.

[STT]

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 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

[justdimin]

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.

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.