(6) HOW DOES CRYPTOCURRENCY AFFECT THE BANKS? In my own opinion, cryptocurrency have had a profound impact on traditional banking. By challenging the status quo and disrupting long-est abolish systems, their decentralized nature, cost advantages, and increased accessibility have implications for both individuals and financial institutions.
Ask yourself as a business man will you happy when new competition comes up?
Banks will traditionally be against anything that has the potential to affect their business. Traditional banks have been against even fintechs because they reduced their customer base, cryptocurrency has the ability to also affect the customer base of these banks that is why they are against it.
It's always been like that, and I'm not saying that to defend the banks (I would never do that) but of course people and/or businesses don't like being replaced. At the same time the good news is that is not possible to stop the future so the banks have two ways: adapt and evolve embracing the cryptos, and making money out of it, or keep fighting a war they can't win. We'll see who is smart and who is not.