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

[Poker Player]

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)."

[blckhawk]

"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 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.

[avikz]

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!

[zanezane]

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.

[hugeblack]

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%.

[jrrsparkles]

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?

[Kittygalore]

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?

[jrrsparkles]

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.

[20kevin20]

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.

[Pulsar77]

Bitcoin could replace US dollar in only five years? This news just makes me laugh a lot.    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.

[worle1bm]

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.

[Lucius]

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?

“We want a stable dollar,” Mnuchin says. “The dollar reflects lots of money coming back into the United States… it is the reserve currency of the world and we’re going to protect that,” he said.

[ipanks]

Bitcoin could replace US dollar in only five years? This news just makes me laugh a lot.    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.

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.

[Silberman]

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

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.

[The Sceptical Chymist]

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.

[cabron]

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.

[Wind_FURY]

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?

[Kittygalore]

~

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.

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.

[stompix]

I know this is a Forbes article, but to me this reads very much like sensationalistic journalism. 

Forbes contributors, and yeah, it's sensationalistic, same author with this garbage:
https://www.forbes.com/sites/billybambrough/

Now, as bitcoin and cryptocurrencies begin to carve out a place among traditional assets in investor portfolios, technologists have warned that advances in quantum computing could mean the encryption that underpins bitcoin is "fundamentally" undermined as soon as 2026—unless the software is updated.

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:

Ahead of the latest bitcoin and crypto price surge higher, a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S.

Another line:

consultants led by Linda Pawczuk at the accountancy company Deloitte wrote alongside a report that found 76% of finance professionals think bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years

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

Respondents had at least a general understanding of blockchain, cryptocurrencies, and digital assets.
In a deeper analysis of our survey data, we identify a subset of FSI respondents on the cutting
edge that we term Pioneers. These are respondents whose organizations have already deployed
blockchain solutions into production and/or integrated digital assets into their core business
activities.

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

[palle11]

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?

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.