Topic: Bullish? Bankers Issue ‘Seismic’ Warning: crypto could replace USD in 5 years - page 2. (Read 398 times)
August 28, 2021, 05:05:08 AM
It sounds like a prophecy. Five years is not as long as it may seem. I think in 10 years' time we should have forgotten what cash is.
August 28, 2021, 04:18:21 AM
One thing's for sure though, they (cryptocurrencies) have shaken the foundation of money as we know it, hence even why bankers are thinking of making the switch into cryptocurrencies. It will take a while before we see crypto being issued on banks, but I think it is the way forward for our society. Also, I don't think this is a sign that bitcoin or any other decentralized crypto will take over, it's just that crypto will just be prevalent in our society and there is a possibility that bank-issued cryptos will arise.
August 28, 2021, 02:07:38 AM
USD is still strong since its the mostly used traded currency as well as the reserve in this whole world maybe the end of US domination will also result into the end of USD domination as well in the world trade Market but whether the bitcoin is going to replace it or centralized tokens created by other supernation like China will?
The text of the proposed topic does not talk about the statements of bankers that bitcoin may soon replace the dollar. Therefore, the title of the topic does not correspond to its content. This topic talks about the results of the survey. It is also not indicated among which category of persons the survey is being conducted, but it can be assumed that this is a general survey of people and the answers of those who can say something about this are given. I don't think one should be guided by these results and take them seriously.The dollar is the currency of the United States. Who will replace the dollar with bitcoin without the participation of the US Senate and government agencies of this country? We can already see the reaction of some international financial institutions, such as the IMF, to the actions of the El Salvadorian authorities to accept bitcoin as a national currency, even before bitcoin becomes such a national currency. No, I don’t think it’s possible. Cryptocurrency cannot replace the national money of states.
August 28, 2021, 12:00:30 AM
I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.
Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.
"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.
This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."
Woah really bullish news. I thought it would take few decades to replace fiats but with this news it is possible that the adoption by banks is nearer than expected. However, I am skeptical about this in just a 5 year span of transition. I think it would take up to 10 years to be fully implemented if banks and US government allows it. Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.
"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.
This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."
August 27, 2021, 05:23:43 PM
It is definitely bullish news. But I'm having my huge doubts about this. Because I don't see that Bitcoin has reached that level yet. It has still a long way to go and develop more. First of all, Bitcoin's volatility won't let itself replace a strong fiat currency like USD. And there is no way that there will be a magic touch and this will happen in only 5 years. 5 years is a very short time period.
August 27, 2021, 03:56:04 PM
I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.
Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.
"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.
This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."
Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.
"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.
This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."
If there is one thing you should never underestimate it's hows much people overestimate their own skills at predicting future events. Many of these are probably the same types of "banker" that were buying up subprime mortgages with glee right up until the bubble burst in the 2008 financial crisis. We've already seen that just one tweet just hinting at the idea of extra financial regulations being imposed by the US against Bitcoin can cause the price to plummet across all cryptocurrencies. The dollar being the worlds primary financial monetary instrument, the many countries around the world rely on to prop up their economies, is not going to be replaced in the next 5 years - maybe 50 years at a push. If there was any doubt or inkling of an idea that it might, then you could expect the US government to (successfully) clamp down on it and crush the current price as the dollar gives them incredible leverage over other countries.
August 27, 2021, 01:37:44 PM
I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.
Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.
"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.
This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."
I would not trust the results of such surveys. In fact, the news described does not come from the bankers themselves, but from the people interviewed. Now let's think about who could make such predictions. These are probably people who are already familiar with cryptocurrency, who have invested their money in it and expect its price growth. People who are not familiar with cryptocurrency and are not interested in it cannot generally make predictions about the alleged replacement of the dollar with cryptocurrency. Well, we already know the optimistic forecasts even on this forum. If the dollar does not have trouble for other reasons, the cryptocurrency is not afraid of it yet. Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
".a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as "seismic." <...> "A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.
"The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money," Pawczuk, who heads up Deloitte's global blockchain and digital assets practice, said in a statement alongside the report.
This year, Wall Street banks from Goldman Sachs GS +1% to JPMorgan JPM +1.6% have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs)."
August 27, 2021, 08:08:30 AM
It’s my belief that the current generation of people aged 18 to 45 would experience Bitcoin become a World Reserve Currency, but Bitcoin to replace a country’s currency? In 5 to 10 years? That’s a laughable notion.
OP, are those Bankers HODLers?
OP, are those Bankers HODLers?
To add to this also in the real perspective, it is the new generation that talk about bitcoin or cryptocurrency, older folks don't. The older generation still have there thing about bitcoin , the reason buffet isn't really positive about it . I think 5 years is too short if that can happen in the first instance. What I know can be possible is CBDC and that is getting stronger by countries. They all, Fiat, CBDC , cryptocurrency/bitcoin and all other forms of money or payment system can exist independently from each and that is the real kind of atmosphere for real freedom.
August 27, 2021, 07:53:05 AM
I know this is a Forbes article, but to me this reads very much like sensationalistic journalism.
Forbes contributors, and yeah, it's sensationalistic, same author with this garbage:
https://www.forbes.com/sites/billybambrough/
Quote
Now, as bitcoin and cryptocurrencies begin to carve out a place among traditional assets in investor portfolios, technologists have warned that advances in quantum computing could mean the encryption that underpins bitcoin is "fundamentally" undermined as soon as 2026—unless the software is updated.
So one has to ask, how is going a bunch of code that needs an "urgent" update, lol, replace the USD.
Besides, there is a little thing in the article:
First line:
Quote
Ahead of the latest bitcoin and crypto price surge higher, a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S.
Another line:Quote
consultants led by Linda Pawczuk at the accountancy company Deloitte wrote alongside a report that found 76% of finance professionals think bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years
Just one word that changes a lot, besides, if you look at the target of the pool:
Quote
Respondents had at least a general understanding of blockchain, cryptocurrencies, and digital assets.
In a deeper analysis of our survey data, we identify a subset of FSI respondents on the cutting
edge that we term Pioneers. These are respondents whose organizations have already deployed
blockchain solutions into production and/or integrated digital assets into their core business
activities.
In a deeper analysis of our survey data, we identify a subset of FSI respondents on the cutting
edge that we term Pioneers. These are respondents whose organizations have already deployed
blockchain solutions into production and/or integrated digital assets into their core business
activities.
With that targeted audience, the results look less and less amazing.
August 27, 2021, 07:27:40 AM
~
No, Euro will take atleast 2 or more decades to surpass the reserve value of USD with their current growth but after the pandemic which is even not expected to happen. Only Chinese Yuan may surpass it but their fist is not accepted anywhere that is why they are supporting CBDC while banning the decentralized cryptos.
August 27, 2021, 05:51:38 AM
It’s my belief that the current generation of people aged 18 to 45 would experience Bitcoin become a World Reserve Currency, but Bitcoin to replace a country’s currency? In 5 to 10 years? That’s a laughable notion.
OP, are those Bankers HODLers?
OP, are those Bankers HODLers?
August 26, 2021, 10:36:05 PM
Sounds too speedy to see crypto will replace USD in 5 years but it's a possibility because the shifting of powers really is fast too. I'm sure they know the difference between cryptocurrency and digital currency from CBDC.
If they mean crypto, it's surely Bitcoin that we are pointing to like countries making BTC a legal tender. But then more than 80 countries have plans to create their own CBDC and I don't think these governments will change their minds.
August 26, 2021, 10:16:08 PM
I know this is a Forbes article, but to me this reads very much like sensationalistic journalism. It really doesn't matter much what a bunch of unknown banking executives think; it matters what the banks actually do--and right now there aren't a lot of banks that even want to have anything to do with bitcoin, i.e., it's the same as it's always been.
And as far as bitcoin or any of the altcoins replacing the USD in five years? I seriously hope that isn't the case, and that's coming from a bitcoin fan. There would have to be an economic apocalypse before that happened, and I'd be very interested to know why those bankers who were polled think the USD could be in that much trouble. Yep, I'm aware of the US's debt and money printing and all of that, but when bankers start making predictions like this, it's a bit scary.
There's also the possibility that the poll data is complete BS. The banking execs are anonymous, and think about it: they could be crypto holders, and by saying something this bullish they could be anonymously manipulating the market. That might sound far-fetched, but who knows.
And as far as bitcoin or any of the altcoins replacing the USD in five years? I seriously hope that isn't the case, and that's coming from a bitcoin fan. There would have to be an economic apocalypse before that happened, and I'd be very interested to know why those bankers who were polled think the USD could be in that much trouble. Yep, I'm aware of the US's debt and money printing and all of that, but when bankers start making predictions like this, it's a bit scary.
There's also the possibility that the poll data is complete BS. The banking execs are anonymous, and think about it: they could be crypto holders, and by saying something this bullish they could be anonymously manipulating the market. That might sound far-fetched, but who knows.
August 26, 2021, 05:06:43 PM
I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.
Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
I think the same as you, to me this seems like a cry for help, they are worried the monopoly they have built over the last centuries is going to be destroyed simply by the advancement of the technology that they thought was not possible, however regulations are not going to be enough to stop this market, even a ban will not be enough as people are not going to stop accumulating bitcoin even under those circumstances, also it is fair to wonder if bitcoin is becoming too big to ban as if they do there are some companies that will suffer greatly as they have been accumulating a lot of bitcoin during the last year. Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
August 26, 2021, 10:31:12 AM
Bitcoin could replace US dollar in only five years? This news just makes me laugh a lot. 
Bitcoin has still a very long way to go to be able to reach that level. And I don't even think that it would replace one of the most powerful fiat currencies in the world. Rather than Bitcoin, the digital currencies which governments have already started developing are going to replace fiat currencies in the future. And I've no doubt about it.
I think the same as you. Bitcoin needs more time to work together with any fiat money but not to replace the fiat money. Bitcoin can be another option for people to make a payment besides using fiat money. I agree that the government starts developing their digital currency replacing their fiat money because the resources to the material will not last forever. The government needs to think seriously about that if they want to grow in the future. Bitcoin has still a very long way to go to be able to reach that level. And I don't even think that it would replace one of the most powerful fiat currencies in the world. Rather than Bitcoin, the digital currencies which governments have already started developing are going to replace fiat currencies in the future. And I've no doubt about it.
August 26, 2021, 09:37:43 AM
I have a divided opinion about the article itself, because the author seems to have decided to use research to promote some altcoins - because it makes sense to mention Bitcoin as something that can replace fiat to some extent (by no means completely), but put it in the same context some altcoins that hardly have any purpose is more than obvious attempting to promote them using clickbait titles.
If we think logically, why would some bankers think that the US would allow something like this to happen - as if they had no mechanisms to prevent it at any time. What is changing in the US are presidents, senators and congressmens - but some policies are fairly consistent, and defending the national currency is a top priority. The former Treasury Secretary in the Trump administration presented this very vividly a little over 1 year ago - does anyone suspect that people from the Biden administration thinks otherwise?
If we think logically, why would some bankers think that the US would allow something like this to happen - as if they had no mechanisms to prevent it at any time. What is changing in the US are presidents, senators and congressmens - but some policies are fairly consistent, and defending the national currency is a top priority. The former Treasury Secretary in the Trump administration presented this very vividly a little over 1 year ago - does anyone suspect that people from the Biden administration thinks otherwise?
“We want a stable dollar,” Mnuchin says. “The dollar reflects lots of money coming back into the United States… it is the reserve currency of the world and we’re going to protect that,” he said.
August 26, 2021, 08:43:22 AM
Although bitcoin adoption is growing at faster pace and many are using it through Lightining Network also but still we are in early phase of adoption and still many don't use or know about bitcoin and crypto market.On the other side US dollar is most strongest currency globally which can easily be traded in import/export business and you don't find any difficulty but it's not the case with btc at the moment.You have to seek buyers/sellers who pay and receive in bitcoin and again they need to convert it into USD or legal cash to use it.The bitcoin could do banks what smart phones have done to telephone, internet to mails but if you say completely replace fiat it will take some time and 5 years is short span of time.It will serve as alternative to fiat payment and slowly overcome it for sure.
August 26, 2021, 08:28:45 AM
Bitcoin could replace US dollar in only five years? This news just makes me laugh a lot. Bitcoin has still a very long way to go to be able to reach that level. And I don't even think that it would replace one of the most powerful fiat currencies in the world. Rather than Bitcoin, the digital currencies which governments have already started developing are going to replace fiat currencies in the future. And I've no doubt about it.
Bitcoin has still a very long way to go to be able to reach that level. And I don't even think that it would replace one of the most powerful fiat currencies in the world. Rather than Bitcoin, the digital currencies which governments have already started developing are going to replace fiat currencies in the future. And I've no doubt about it. August 26, 2021, 03:31:12 AM
I have an even more "seismic warning" to issue: the "crypto" USD is bound to be replaced by will be worse than any kind of currently existing currency due to dimnished/inexistent privacy and due to full control. Yeah, they want to replace USD and I suppose it's because of cash still being a way to stay unidentified. But what they're gonna replace it with will be a nightmare for anyone like me who cares.
August 26, 2021, 02:57:25 AM
USD is still strong since its the mostly used traded currency as well as the reserve in this whole world maybe the end of US domination will also result into the end of USD domination as well in the world trade Market but whether the bitcoin is going to replace it or centralized tokens created by other supernation like China will?
It's not just USD that's the reserve currency for every country, I think there's Euros in the mix already in this past few years. I don't think that China will bother, they've banned mining of bitcoin already so they're sort of out of the picture. I don't that their warning will make this banks get scared, they're a long existing institute already, how is a decade old technology going to turn them inside out?Jump to: