Economic Crash by Robert Kyiosaki - Will banks crash due to expansion of Bitcoin and other cryptocurrencies?
I just found really interesting video from book writer Robert Kyiosaki and thought that I could share it with Steemit.
I agree with him, as I see how cryptoworld is spreading and I think the banks will crash as a result of the cryptocurrency expansion. The banks have no chance surviving as many countries started adapting to cryptocurrencies, such as Japan, South Korea, Australia, Russia (leading discussion with Vitalik Buterin), Estonia, Denmark etc.
Of course there are other aspects, interest rates are low (there are even negative interest rates in some Czech banks), oil price is dropping and terrorism keep spreading all over the world which is causing chaos and confusion.
Do you think he is right? What crisis is coming? Share your opinion in comments below.
I know one thing and that is that the public very much resents negative interest rates, even if they are tiny. Second, they will even like less the problems that negative interest rates present to insurance companies and pension funds. This issue is about to reveal itself by pension funds not being able anymore to hold up the facade that they can make good on the promises made decades ago.
All of the turnoil could be positive for cryptocurrency. Because cryptocurrencies like Bitcoin are backed by math, not people.
Interesting opinion, than you for sharing @wekkel ;)
Very pessimistic view. I watched the video threetimes. The biggest problem I see in low interest rates of inter-bank loans. We have very cheap money (when we assume that interest rate is a price for borrowed money). This is information for enterpreneurs they can put into practise projects which are hardly evitable. In situation when the interest rate rise they will have to stop the projects and their costs get sunk.The bigger is the gap between inter -bank rate (REPO) and interest rate which should be on the free money market (between lenders and borrowers) the worse impact of the crisis will be.
I think it is very realistic view, the crisis will come and I think cryptocurrencies, blockchain and banks will play major role during the crisis, people will move from banks to blockchain. Banks will fight alongside with some governments (banks will pull strings in the government to slow down the transition) for a while, but at the end of the day they will loose.
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The Federal Reserve and the central banks together with the gov.t are cunning enough to bail failing banks with people's taxes @suzzane
Crypto will impact banking system and also maybe with the other way around.