RE: Is bitcoin going to destroy Goldman Sachs? The answer is ABSOLUTELY NOT
Your analysis and deep research are all on point. You draw some intereseting comparisons. Bitcoin is, to say the least unpolished. A necessary component to buying bitcoin, is fiat meaning that, we need to deal with banks to purchase bitcoin. Banks maintain 90% of the control when it comes dealing with currency.
Is bitcoin a threat? Maybe not at this point. If I could walk into a supermarket and buy groceries with bitcoin that I received after being paid in bitcoin from my employer, then maybe.
Bitcoin has a long way to go. Cable companies talked very negatively about streaming because of the low costs that netflix was charging for their service. Now cable companies offer similar services for a much lower cost. I see the banks doing the same. Banks will probably offer higher interest rates for holding customers money, and alowing customers to participate in loans to other customers to earn passive income.
True, thats what i think as well. Bitcoin has a long long way to go before we can say its a threat to banking. The whole crypto media is focussed on how much btc goes up and down everyday not what is goingon in the background. Tech innovation is what will take it to mass adoption and higher value, not just btc being traded on an exchange by everyone. We need adoption wrt an actual use case.
Additionally for fiat to die, valuations have to be in crypto. Crypto has to like reserve currency, something that you get into during risk off.. like usd or jpy right now.
The banking business model will change to incorporate any threat from crypto. And banks are super agile. Look at hoe fast they hire and fire. How banking evolves, only time will tell.
Thank you for reading the article and commenting.