(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.
in every business competition is good because that will lure more users and supporters , but if your competition is offering different type of business but serving same customer then that will make you surely alarmed .,
and this is what banks is feeling about bitcoin and the whole crypto market, but sorry for them as they did not treat us completely good like what crpyo is giving us now.