Banks Should Use Cryptocurrency

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Got to go to a small conference with bankers being informed about crypto by Trevor Nash-Keller, founder of AboveCrypto.

He spoke for about 45 minutes and went over everything from what crypto is, wallets, mining, risks, and how crypto can affect banks.

He asked 3 questions right at the beginning.

  1. If any had heard of crypto? They all raised their hands.
  2. If any had invested in crypto? No one raised their hand.
  3. If they thought it was a scam or in a bubble? About half raised their hands.

I guess it shouldn’t surprise me that many thought crypto is a scam. It is still unknown and in the early stages of all this.

With that said, they should pay anything that has the possibility to overthrow the industry you work in attention to. Bitcoin was created because the financial system is flawed and people want change.

When Trevor talked about fees that banks have, while crypto has low fees if any, I expected a bigger reaction. There were no questions about this at the end.

This is how banks will lose to crypto. 

I am tired of all the fees they have. Minimums to have a checking account, direct deposit or I have to pay, and many others. Fees are also a big part of how banks make money, they want their money. I am excited to see how this plays out in the long run.

At the end Trevor asked for questions they had. Some were basic about where they could find more info about crypto while others got more in depth about mining. It shocked me that no one asked about how to use crypto.

During his talk he gave suggestions to where banks could implement crypto and help them get out in front. This would seem like the most important thing to know.

Again, if there is something looking to get rid of your business, don’t ignore that.

I don’t know what will happen in the long run. I know I have talked to some very intelligent and respected people about this.

In an interview I had with David L. Yermack, he said he sees banks shrinking and consolidating and in 10 years there will be far fewer.

You can listen to the interview here. At 11:30 he talks about banks.

Talking With David L. Yermack, Albert Fingerhut Professor of Finance and Business Transformation

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