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?
No, cryptocurrency can not significantly affect the work of the banking system, especially so as to make them disappear. Besides the fact that a cryptocurrency can not have such an impact on banks, no state will ever allow any external factor to destabilize the work of banks. Banks, especially state-owned, are part of the state and it will destroy anyone who encroaches on their normal work.