Will banks go on extinction if they do not adopt cryptocurrencies?

[Minor Miner]

There's no such extinction for Banks,the only problem I have with Banks is that if they ignore the crypto uptrends and evolving financial fields,they would be risking a whole lot from regulatory affairs and losing trust.An ungrade awaits Banks because numerably, people, businesses still rely on them for day to day activities.

Banks provide a wide range of solutions and services to individuals and businesses, they playing an important role in regulating the economy to help people have a stable life. So even if they don't adopt crypto, they won't lose credibility, let alone become extinct.

Despite the development of crypto or any technology. But at the end of the day, individuals and businesses still rely heavily on banks to borrow money to start or maintain their businesses. Or businesses that want to survive must find ways to adapt to every policy that the bank puts forth, if they resist, they cannot survive. Not to mention, banks are also the ones holding the money printing machine of each country or the world (Fed). They are still the ones who control and decide the health of the economy. Like the Fed, they don't care much about the crypto or blockchain noise, and they are still the most powerful institution in the world, not Trump or the US government.

[SuperBitMan]

I think his right, the main function of a bank to us is to keep our money safe and now cryptocurrency is also given us that and even adding more money to us when keeping our money safe, it may not really be that bank won't exist anymore but the transactions in bank will be reduced and the people and amount saved in the bank will be reduced too and if this happens it means banks won't be making enough money for them self's and that will lead to a lot of bank closing however the only way for banks or the only way banks can prevent these is by adopting cryptocurrency and making it function in there banks too creating a connection between them and cryptocurrency with this they won't go on extinction or reduce in the money they make.
Those nations that are still against crypto I still don't know what is there problem some of them are saying if they allow cryptocurrency there currency will lose value for me I don't think the only time crypto will affect them is if they don't adopt it now and then regulate it

[dunfida]

There's no such extinction for Banks,the only problem I have with Banks is that if they ignore the crypto uptrends and evolving financial fields,they would be risking a whole lot from regulatory affairs and losing trust.An ungrade awaits Banks because numerably, people, businesses still rely on them for day to day activities.

Banks provide a wide range of solutions and services to individuals and businesses, they playing an important role in regulating the economy to help people have a stable life. So even if they don't adopt crypto, they won't lose credibility, let alone become extinct.

Despite the development of crypto or any technology. But at the end of the day, individuals and businesses still rely heavily on banks to borrow money to start or maintain their businesses. Or businesses that want to survive must find ways to adapt to every policy that the bank puts forth, if they resist, they cannot survive. Not to mention, banks are also the ones holding the money printing machine of each country or the world (Fed). They are still the ones who control and decide the health of the economy. Like the Fed, they don't care much about the crypto or blockchain noise, and they are still the most powerful institution in the world, not Trump or the US government.

And come to think or to state the fact that Banks are long time existing than with crypto or simply they've been here before for long time and serving out the humanity with its features and functionalities. Therefore, it will be just that too hard to believe that they would go on extinct just because they arent that accepting or adopting crypto? They can stand alone and it would always be and its not that they would be gone just because they havent been able to adopt something. If we do just that simply trying out to elaborate on how bank works or about into its purpose into the society or simply with that economic approach then we do able to see its importance. It doesnt need up to adopt or made out some changes just for them to exist but rather to those new things then those are that needed up to adjust that for it to be considered or would be adopted with these institutions and this is why its a wrong belief that with these kind of words about that these will come on extinction just because of that kind of none acceptance or adoption into crypto.

Now that cryptocurrencies are making up some noise then we've seeing that it is gradually being adopted and being that accepted but of course not all countries do have that same approach or simply there's still that those places on which doesnt accept crypto but with now on the current trend and adoption then its hard to believe that they would be that still remaining negative, but well there's nothing we can do if they will be having such approach or decisions on which it is understandable somehow because government doesnt really like decentralized things in the first place.

[jaberwock]

It isn't even just about him, it is about the generation. The famous "z generation" grew up with bitcoin, for them, it isn't some brand new invention, it is what existed for most of their life. They were like 10 years old when bitcoin was created at most, and they are of course seeing this as something that is taking time.

We need to realize things are not moving that fast and we could have some troubles with the future here. So we need to see how this could be a tough period to handle and how we can't make this work if we just let them be in the back seat, these kids needs to drive the show. While I hate them both, if you asked me who would run the nation better, I would say Eric would have done a better job than Donald without a doubt, even better than any of his other kids.

That is the most important part, if the Z generation requests it, and even if one small bank offers it, they will all flock to it, these group are not individualistic like us, they know the power of numbers, and they know that, if they want to, they can make even doge coin go up, so they know that if any bank offers it, and they all use it, then all other banks will be forced to use it too and adapt.

This is why I have so much hope from this new generation, I know us older folk usually like to tease previous generation, because every generation sees the new one as weird and lazy, but not me. I believe in Z generation, n fact, so much so that, even though we should leave them a better world than we found, we won't, and they may end up fixing it for us as well.

[Orpichukwu]

No I don't think he meant bank supporting crypto is the way but rather than the economy system where regulation policies and market manipulations had been thriving on appreciating recessions.
Obviously the CBN has lost it reputable qualities on printing excessive monies for cash cushion and as it's, the fiats has lost it value so whalers are diverting to have their fund stored in bitcoin as store of value which is a reliable source rather than say it's crypto.

Fiat has lost its value, but we still can't do without fiat. The banking system will always be needed to some point, but their business won't be booming the way it was in the past decades if they don't adapt to trends and what people are interested in. Indeed, they will run out of business pretty soon.

Their policies, charges, low interest on savings, slow transactions, etc., will make all their customers move away from using it. In terms of overprinting local currency, which has ended up devaluing it, that's the decision of the central bank in collaboration with federal inflation won't want anyone to save in their local currency.

[TheUltraElite]

This forum represents a small fraction of the world population. The bitcoin users are few and thus there will not be any problems to banks.

Secondly, when bitcoin adoption increases, banks will change their mode of operation in a manner that they help in bitcoin use, because any business can only be run if they are constantly keeping up with the trend and the market.

So banks will never go extinct, they will just change how they function and what they sell.

[Marvell1]

Indeed, they will run out of business pretty soon.

It is no coincidence that banks are considered the backbone and pillars of any country's economy. That means if the bank goes bankrupt or goes extinct, the economy will collapse too. Do you think the government and central bank will let that happen? I don't think they'll let that happen, and I don't believe crypto will become so important that they can decide the economic fate of a country. So there will never be a case of a bank going bankrupt just because they don't adopt cryptocurrency.

Banks may face challenges if they don't adopt cryptocurrencies as they become more popular, but banks never go bankrupt. I am sure of that because banking plays a core role in the economy.

[DeathAngel]

Banks won’t go extinct overnight without crypto but they risk losing relevance. As digital assets gain traction, especially among younger generations, banks that resist innovation may fall behind. To stay competitive they must evolve by integrating crypto or offering modern financial solutions that match its appeal. Ignoring the shift could mean being left out of the future of finance.

[Danica22]

.... and TBH i don't know where Eric Trump picked up that weird idea from, or is he just giving cryto enthusiasts something to cheer him and his father for.

Your suspicions are well-founded because according to CNN, the Trump family, including Eric Trump, has made over $1 billion from cryptocurrencies. President Trump's net worth also doubled to $5 billion, largely thanks to crypto. So it is no surprise that Eric Trump, Trump or his family constantly make positive statements about crypto.

Anyone with basic financial knowledge knows the importance and role of banks in the economy. So what Eric Trump said is questionable and seems to come from personal gain rather than making fair predictions based on his knowledge.


-CNN

[suzanne5223]

.... and TBH i don't know where Eric Trump picked up that weird idea from, or is he just giving cryto enthusiasts something to cheer him and his father for.

Your suspicions are well-founded because according to CNN, the Trump family, including Eric Trump, has made over $1 billion from cryptocurrencies. President Trump's net worth also doubled to $5 billion, largely thanks to crypto. So it is no surprise that Eric Trump, Trump or his family constantly make positive statements about crypto.

Anyone with basic financial knowledge knows the importance and role of banks in the economy. So what Eric Trump said is questionable and seems to come from personal gain rather than making fair predictions based on his knowledge.

https://www.youtube.com/watch?v=Bhm_1hmPf0k

Yes, what he[Eric Trump] said is questionable, and it could be of personal interest just to create some hype in the market. However, check the features he pointed out about the financial system being broken, expensive, and not working during the weekend, if they are not true.
What I don't support about his statement is that banks will be extinct for not adopting crypto. Still, there's a chance that banks may be obsolete, which is something the World Bank CEO also once said years ago, and also advises every Central Bank to have a native digital currency.

Meanwhile, after 10years if crypto is still the mainstream of payment, and still the winning asset there's chance that Banks will be extinct if they didn't adopt crypto because it means just as the evolution of the medium of exchange and store of value changed from cowry/bead to Gold, Gold to fiat, etc. We are to witness a new evolution through cryptocurrency.

[Fortify]

The son of Donald Trump, Eric Trump, also the executive vice of the Trump Organization said banks can extinct in 10 years if they do not watch what is coming. I think what he meant is that if banks do not support cryptocurrencies.

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

https://youtu.be/cLnNedcVgcU?si=wS2MAylU7I2LFfhC

What is your opinion about this.

Banks are not going anywhere for a long time, even in the age of crypto currency we have exchanges which are effectively a more modern bank - people sign up to accounts, often have their funds shared in centralized wallets and it is simply what the average tech savvy person is most comfortable using. It's funny that you mention the financial system is "slow, expensive" because at various times when trying to send bitcoin I have faced both scenarios - there have been spikes in transaction fees where one day I can pay a couple dollars to move a couple hundred and other days I've spent $8-10 in transaction fees in order to send the same amount with varying speeds in transactions being confirmed - that is currently an even greater weakness of crypto than it is for banks.

[justdimin]

Your suspicions are well-founded because according to CNN, the Trump family, including Eric Trump, has made over $1 billion from cryptocurrencies. President Trump's net worth also doubled to $5 billion, largely thanks to crypto. So it is no surprise that Eric Trump, Trump or his family constantly make positive statements about crypto.

Anyone with basic financial knowledge knows the importance and role of banks in the economy. So what Eric Trump said is questionable and seems to come from personal gain rather than making fair predictions based on his knowledge.

Think about that for a second, how could that be possible. Trump family as a whole, if they doubled to 5 billion, that means 2.5 billion to 5 billion, meaning thanks to bitcoin and crypto, they made 2.5 billion?

Have you seen that type of investment or heard any proof at all? Without proof, I could easily say that I have made 100 billion from bitcoin too. Or is it more likely that he has used crypto, and few hundred million in profit, to make it look like the made that much profit, and has assets that worth that much, to get better rate loans? That seems more likely from a "sav business man" type of guy right? I can assure you, they have absolutely nothing even remotely close to that, it is not going to be 5 billion at all, and when he retires, people will see the reality.

[alastantiger]

Banks provide a wide range of solutions and services to individuals and businesses, they playing an important role in regulating the economy to help people have a stable life. So even if they don't adopt crypto, they won't lose credibility, let alone become extinct.

There's no solution that the banks are providing that cryptocurrency can't provide hence this isn't a solid reason why they can't go extinct or don't we know that before the banks and fiats, we had other means of payment that people used to accept and many people believed that they can't go outdated. Bitcoin is the new currency and the banks has to look for means to adopt cryptocurrency or they'll go out of business. The technology that cryptocurrency has is going to make the major population wanting to make use of Bitcoin or cryptocurrency instead of fiats. It only need enough adoption for this to take full effect. The banks have done a good job before now but presently, they have failed in protecting people privacy and money.

[Oluwa-btc]

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

What is your opinion about this.

I think this can't be possible because banks I've been in existence for decades now but since the rise of cryptocurrency there I've been some hullabaloo between the banks and the crypto community of which the government are the main deliberators on that aspects, but the situation of  adoption of cryptocurrency shouldn't be the reason for extinction of banks around the world. I see the level in which he's coming from but there's no point posing a lot of fear in them cause of that, bedsides what will be will actually be amidst the limitations.

[justinlamode]

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

What is your opinion about this.

I think this can't be possible because banks I've been in existence for decades now but since the rise of cryptocurrency there I've been some hullabaloo between the banks and the crypto community of which the government are the main deliberators on that aspects, but the situation of  adoption of cryptocurrency shouldn't be the reason for extinction of banks around the world. I see the level in which he's coming from but there's no point posing a lot of fear in them cause of that, bedsides what will be will actually be amidst the limitations.

The post is not referring to what came first but simply pointing out the kind disruption an innovation such as Bitcoin can do. If you don't know, Bitcoin is already affecting the banks I many ways because I some places, people no longer keep their money in the banks hut prefer to open a Bitcoin wallet and store their money there. Imagine when this awareness is huge and people now realise how easy Bitcoin cab change their lives, do you think they will be motivated to keep their money in the banks? Without money, what will be the fate of the banks when we eventually reach there?

[Oshosondy]

Banks won’t go extinct overnight without crypto but they risk losing relevance. As digital assets gain traction, especially among younger generations, banks that resist innovation may fall behind. To stay competitive they must evolve by integrating crypto or offering modern financial solutions that match its appeal. Ignoring the shift could mean being left out of the future of finance.

That guy is from United States which I do not know much about, but with how things are in my country, I do not see what is capable of eliminating the banks. What gives crypto value is because people can easily convert them to fiat anytime and they have the fiat in bank. Banks are still very important.

[EarnOnVictor]

The son of Donald Trump, Eric Trump, also the executive vice of the Trump Organization said banks can extinct in 10 years if they do not watch what is coming. I think what he meant is that if banks do not support cryptocurrencies.

Bank is beyond the personal/selfish view of some sectional people, which could be due to their gains in cryptocurrency, for bank holds a huge role in the world's economy at large, that anyone thinking crypto can replace is only a dreamer, such should not be taken seriously.

He said modern financial system is broken. It is slow.

Why won't he say that when his family are corruptly and undeservingly enjoying cryptocurrency? His father's fortune rose nearly twice in just a year, so why won't he say the usual system is slow?

But he forgot something, not everyone has the opportunity that he and his family have.

[Abiky]

Fiat has lost its value, but we still can't do without fiat. The banking system will always be needed to some point, but their business won't be booming the way it was in the past decades if they don't adapt to trends and what people are interested in. Indeed, they will run out of business pretty soon.

Their policies, charges, low interest on savings, slow transactions, etc., will make all their customers move away from using it. In terms of overprinting local currency, which has ended up devaluing it, that's the decision of the central bank in collaboration with federal inflation won't want anyone to save in their local currency.

As long as governments exist, don't expect banks to go anywhere soon. Besides, Fiat money allows governments to have full control over our financial life. Would you imagine banks disappearing in the future? That means zero control or monetary policy changes by the government. I know crypto (especially Bitcoin) is very popular these days. But I wouldn't count on government ditching Fiat in favor of decentralized, private monies. Not now or in another century.

I'd say banks and governments are only into Bitcoin just to make a lot of money. Not because they believe in it. With the huge taxation benefits provided by BTC, it would be dumb enough to ignore the craze. Banksters, governments, and institutional investors are smart. I'm afraid we aren't, especially when we're letting such entities accumulate a large portion of the circulating supply. The more BTC ending up in their hands, the worse. Ultimately, banks will adapt as they switch to the new digital Fiat system (CBDCs). Expect the erosion of privacy and freedom in the near future. Just my two sats.

[Danica22]

 However, check the features he pointed out about the financial system being broken, expensive, and not working during the weekend, if they are not true.

The bank only stops counter services such as financial consulting, complaint handling, credit loan processing...while services such as money transfer, bill payment or withdrawal are all available 24/7. How can it be said that banks do not work on weekends?

Yes, running a bank is expensive, but banks don't just process transactions like cryptocurrencies and do nothing else. If we pay attention in our daily life, most of the services related to finance and currency are provided by banks or related to them, this shows that the role of banks is not as simple as we think.
Another thing that many people overlook is that banks and governments are two separate entities and have different roles in the economy. Monetary policy is largely decided by banks and that means they are running the economy along with the government. With what they are providing and doing for the economy, for us...I don't think their existence is costly or wasteful.

For a nation to survive and for an economy to function, we need more than a system that can simply process transactions, store value. So no matter how modern the world becomes, the role of government and banks will never be replaced.

[Botnake]

This forum represents a small fraction of the world population. The bitcoin users are few and thus there will not be any problems to banks.

Secondly, when bitcoin adoption increases, banks will change their mode of operation in a manner that they help in bitcoin use, because any business can only be run if they are constantly keeping up with the trend and the market.

So banks will never go extinct, they will just change how they function and what they sell.

Banks will never go extinct, they will just level up and adapt crypto as their additional service. That way, they can constantly ride with the trend, and so people won’t have no reason to leave banks. That is common even in other businesses, if they don’t know how to adapt with the changes, survival with be at risk. Time will come that banks will be a good avenue for cryptocurrencies then, but they will also continue to promote fiat at least.