With bitcoin (BTC), in principle you no longer need a bank. You can store your money yourself, make your own transactions and check your money yourself. According to Mark Yusko, director of Morgan Creek Capital, it is only a matter of time before banks disappear.
Yusko has a subsidiary with Morgan Creek Digital where he sells various financial products based on bitcoin. So he is a bit prejudiced.
Bitcoin and banks
According to Yusko, we are slowly moving towards a bankless society. He calls this a ’natural evolution of technology‘. Bitcoin allows you to decide for yourself what you do with your money.
By the way, in conversation with a Brazilian YouTube channel, the American not only mentions bitcoin, he also sees something in other projects.
Storing a small fortune in euros is difficult if you don’t want to do it in a bank. And every transaction you make through your bank requires your permission, the bank ultimately determines where you may or may not spend your money.
Not entirely without banks
By the way, Yusko still sees a role for parties who play the role of a kind of bank in the future: ‚We need banks to lend money, digital currencies that go hand in hand with crypto‘.
We are ultimately heading for a borderless world, he says. A world where countries are no longer as important as they are today. Global systems are taking over: „You can be a citizen of the world, not a citizen of one country“.
Nobody knows what the financial landscape will look like in a few years‘ time. If we look at the current situation, we have bitcoin that allows us to play our own bank, notary and accountant.
Bitcoin offers freedoms, opportunities and it takes the power of money creation out of the hands of banks. But also in the world of bitcoin, many people just put their money in a ‚bank‘: Coinbase has more than $11 billion worth of bitcoin in cash.