As went the 'horse-and-buggy', so goes the great American banker...
As Blockchain Week begins, the streets of Manhattan see 'Bankers Against Bitcoin' protesting that "Bitcoin ruined our business model," and "give us back the remittance industry"...
And in case you were wondering, Genesis Mining CEO Marco Streng explains...
As you can probably tell, this protest is meant to be a joke.
But this joke today is going to be the reality in the very near future.
This protest is representative of what will happen to those industries and companies that fail to understand times have changed.
Legacy industries that have gone unchallenged for decades will soon begin to see their monopoly slip away.
The consumer abuse that’s been possible due to a lack of competition is over. The biggest competitor big banks have ever faced has arrived and it’s not a company or organization, it’s a decentralized technology.
It will soon no longer be possible to charge the poorest people in the world exorbitant fees to send money back home to support their families.
Industries like the lucrative $15 billion overdraft industry that enrich banks will soon disappear.
And all the middlemen who’ve built business models simply from being in the middle – will see their control slowly slip away.
These are just a few of the hundreds – if not thousands of examples of the industries blockchain technology will disrupt.
As Jamie Dimon once said “Silicon Valley is Coming to Eat Our Lunch”.
Well Jamie, and all the others who stand to be disrupted – Bitcoin will be coming for a lot more than just your lunch if you fail to adapt to the new world we live in.