Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.
I do not think that banks have that much importance for our lives as cars, internet or smartphones because there are many alternatives of banking system and majority of people are working without relying on banks but the other three are used by almost all of the people. We cannot resemble these three with banks.
With the current decision of Canadian government not only the victims will lose trust on banks but other people will also worry and will find other alternatives which maybe crypto for them.
Older generations were more skeptical about centralized institutions like banks, for example it is not rare to find that those that are older store most of their money in their homes, and while some see this as a risk, as long as you do not advertise this to anyone then no one is going to know about it and in the case of a crisis or a bank run you are always going to have access to your cash, while at the same time the government cannot block you from using your cash, so it seems the new generations will have to learn this lesson the hard way and be reminded why they cannot trust in banks at all.
