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Banking & Finance Begin Pivot Toward Crypto
Let's discuss the behind the scenes mechanisms the Banking and Finance industry will utilize to pivot toward Crypto. Yes, these will be covert changes, intended as the magician uses the slight of hand... Look here, not there! They want 'time' to get out in front of you by developing skills and products to sell to the masses. But you are already ahead of the crowd, so peek behind their curtain and see what is going on.
Recall the Bankers put themselves into this position with their 3-6-3 Rule - not familiar with the rule? Allow me - Pay 3% on deposits, loan money @ 6% and be on golf course by 3pm! To net it out, they failed to keep up with technology and failed to innovate! One such example, is the advent of electronic systems, there is no reason you can't have same day transactions for everything in the Banking & Finance world! So, the Crypto realm is bringing the full weight of the Internet Age against the Banking & Finance sector.
How is the Banking & Finance world adapting?
- By laying off traditional 'tellers' and 'personal bankers' to the tune of 200K over the next decade according to a recent BoFA study. Ouch, better have some real skills otherwise Robot Sophie will make you quickly irrelevant and out of a JOB. See source below!
- Opening accounts for younger and younger in the USA. Why, to get them in early and take as much as they can as often as they can. Hint, they will be asking their parents or using 'Go Fund Me' raising money for these new accounts. So they don't envy their peer's accounts vs their pocket change!
- Drafting legislation to allow Crypto custodianships to everyday customers not just their wealthy clients
The digital renaissance has already started and is in part represented by the 9900+ Crypto's, 370+ Exchanges and the $2T+ market cap. The banks had all of 2020 to plot out how to pivot, now you are starting to see how they will bring their plans to fruition. Decentralization is bringing power back to the people and the Finance and Banking sectors don't want you to usurp them!
How can you help? Introduce 2-3 different friends each month to Crypto's so they can learn and benefit too! It won't be easy as people are lazy and don't want to see without their blinders on! It will be worth it for certain!!! I thank you in advance!
Summary - recall they mock you (muppet comments), then imitate you (learning and building systems to bring in 1000's and 10,000's at a time), then flatter you to earn your business (fluffery). Keep up the good work and avoid them like the plague! Stay classy while you are at it
Disclaimer - no I am not a corporate spy, nor Banking & Finance insider, just worked in Corporations for long enough to sense what is taking place and the putting the pieces together. This is only investment opinion, do NOT misconstrue it!
