In the classical sense, banking will change now. However, I do not think that the banks will disappear in an instant, because banks with such a large amount of money will find new ways. I think banks will transform into a new economy.
Well, an institution who have been in existence of hundreds of years now won't simply disappear or become obsolete. Banks as we know it learn to evolved as well, now we have on-line banking (obviously, you don't get to go to a physical bank to transact).
and now they have somewhat a new competitor which its crypto, but then again I doubt that they will simply step aside, they will learn how to play with this so called crypto and learn to adopt, simply as that.
I was just about to say the same.
Why do people think that banks are blind and won't notice the crypto?
While it has $200+ bils market cap at this point which is crazy.
You should understand that banks were all-in physical, then internet era came and there was only PayPal basically.
Well, PayPal didn't take over all the banks as you may noticed so draw your own conclusions