You'll all agree with me on the notion that Cryptocurrency and blockchain technology are already disrupting the current banking and financial sectors. It is for this reason some banks are engaging in radical steps in an attempt to ensure they survive the pressure from Bitcoin and other blockchain-related projects.
The advent of Bitcoin will continue to disrupt the current financial institution, this is true considering the recent activities from Deutsche banks. The management of Deutsche recognizes the solitary power of Bitcoin. A digital asset that is always on the rise, there's literally no way these financial institutions will get away from you.
Thus, on July 7, 2019, Deutsche Bank CEO Christian Sewing admitted that 150 years after its founding, the bank now has to be rebuilt in order to survive. Sewing stated,
In an attempt to make this a reality, the Bank will throw up a decent amount of money, precisely 13 billion euros all in technology and cryptocurrency come 2022, during this time, the Bank will cut of 18,000 jobs.
In accordance with this news, it was told that banks are usually vulnerable to attacks which include, liquidity risk, credit risk and other anonymous risks attached.
That's not all, most of the quandaries from these banks comes if a bank has too many liabilities and obligations as well as inadequate funds to fulfill those abilities when they are our disposal.
What are your thoughts about Bitcoin Technology disrupting the transitional banking sector? I'd be more than happy to get your feedback.
Disclaimer:
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.
Reference:
Bitcoinist.com