Everyone must realize what’s happening with defi, web3 and overall btc and crypto. Banks / tradfi will lose massive amounts of deposits, and the will not be able to leverage these assets. We will have wallets using block chain. Some will choose centralized providers.
While others choose decentralized. Regardless, this is a threat to the current financial system. The same system that gives .01% yield on savings. Like @jpmorgan
This is a massive change that is occurring. We have to wonder what will banks do if the majority decide to eventually self custody their funds. Even with a CBDC we can self custody.
How will banks give loans and fund without trillions of clients assets to back their moves? How will they make money if they are no longer the custodian of our assets? These are questions we should ask and be aware of.
Institutions not banks are ok with crypto because they are speculators. Banks are not. They spend billions in lobbying to keep themselves in power. They won’t let this happen without a fight.
This is why you see @GaryGensler attacking crypto, but not going after pelosi obvious insider trading. They are using PR to keep retail happy, making us think they are all in. Behind the scenes I guarantee they are panicking.
This is going to be one hell of a decade to come. Preparing ourselves for this change by adopting early and being patient is the smartest thing we can do.
The boomers made millions in the dot com bubble. It is amazing that this is happening again with the crypto / block chain boom.
What do you think will happen with banks like @BankofAmerica or @jpm and @WellsFargo ? Will the fed become the bank with cbdc and give these banks their own para / side chain that allows them to have oversight on their clients cbdc?
Surely they have contingencies. But I’m sure they aren’t happy. I know I wouldn’t be if I were in their shoes. I hope they feel that they are being forced to jump in. Their time has come. No more stealing from their clients with fees and low yields and high rates on credit loans
Bye bye big banky. Hello crypto. Let’s just hope this doesn’t give the fed more control. InPray it does not. With todays politics I can see them taking power and making our lives even harder. Be weary. Be prepared. Be vigilant. Vote like your freedom depends on it. Not emotions.This post is based on this twitter thread.