He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.
What is your opinion about this.
I think this can't be possible because banks I've been in existence for decades now but since the rise of cryptocurrency there I've been some hullabaloo between the banks and the crypto community of which the government are the main deliberators on that aspects, but the situation of adoption of cryptocurrency shouldn't be the reason for extinction of banks around the world. I see the level in which he's coming from but there's no point posing a lot of fear in them cause of that, bedsides what will be will actually be amidst the limitations.
The post is not referring to what came first but simply pointing out the kind disruption an innovation such as Bitcoin can do. If you don't know, Bitcoin is already affecting the banks I many ways because I some places, people no longer keep their money in the banks hut prefer to open a Bitcoin wallet and store their money there. Imagine when this awareness is huge and people now realise how easy Bitcoin cab change their lives, do you think they will be motivated to keep their money in the banks? Without money, what will be the fate of the banks when we eventually reach there?