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?
All that is correct but your title is wrong. Since banks will still exist. They will have to reorganize but will keep on operating. What Bitcoin will do is just replace current fiat.