I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.
The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?
... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?
Banks will never disappear. After all, they provice some services that are really needed by the people or entrepreneurs. I'm actually OK with that, as long as you have the chance to opt-out peacefully of this system and change to a better alternative.
Just give it a few more years and some more robustness on layer 2 solutations a some sidechains taking a big chunk of transactions from the mainchain.