In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.
https://www.ithb.ac.id/en/article/Cryptocurrency:-Masa-Depan-Keuangan-Tatanan-Dunia-Baru--31The global financial system will change, but the changes will come gradually and in a more evolutionary way, rather than creating a “financial revolution” that destroys traditional banking and finance. Honestly. that said, I have never considered fiat to be phased out since the beginning, its goal is to bring convenience in almost all aspects of financial transactions. When it comes to cryptocurrencies and fiat, I think these two factors will coexist and support each other in the future. we shouldn't just think about cryptocurrencies that will replace fiat but why not develop together
Sound about right to me. The banks as of now seem to be taking lots of hits in the shape of more companies in fintetch, low rates, people using crypto, stronger regulations than usual, ... however they still hold the monopoly of getting money from the central banks and "miraculously" multiplying it and lending it massively to retail users by giving credit. While people buy houses with mortgages, there shall be banks.