We still need Banks

Many banks are falling appart, reporting losses and SEC keeps raising interest rates. Government bailouts doesn’t help the situation. I feel like we haven’t been closer to 2008 than now.

Yet I see a lot of people here and overall in the crypto space rejoycing, and actually glad to see institutions collapsing. I’m far from a pro-bank stance, but let’s get this straight : global banking failure won’t create anything more than misery. Rich will still be rich by some means, but poors will get poorer.

We don’t need banks to fail for crypto to prevail

Hating on banks and bankers can be rightful most of the times, but wishing for banks to fail just isn’t right IMO.

Most of us are speculating on crypto to finally cash out fiat on our bank accounts, to end up debt-free, improve our daily life or anything related to fiat.

Crypto is far from being maintstream as a daily currency, anyway the tech is not ready. Let alone the UI/UX. There is no way for the average Joe to use crypto on a daily basis, not anytime soon either.

Doesn’t mean it won’t happen, but I feel like it’s wrong to wish for plan A (banks) to fail, when plan B (crypto) is not ready.

In a near future, traditional banking and blockchain technology could work hand in hand (not especially CBDCs, this looks terrible). Let’s hope for the best.