Bitcoin To Cause The End Of Banks?

Written on 12/16/2017
Mike Mikkola

According to Israeli Prime Minister Benjamin Netanyahu, banks as we currently know them will disappear through obsolescence brought about in part by the unprecedented rise in Bitcoin. The traditional role of banks as a middleman will continue to erode away over time.

Blockchain technology has already usurped the banks’ role as protector of funds entrusted to them. The diversified nature and multiple verifications of transactions have made transactions safer, far less expensive, and almost instantaneous.

Bitcoin allows more than an additional 2 billion people around the world to participate in financial markets that were never available to them through the old bank technology. Is the question – do banks adapt or go the way of the dinosaur?