Will cryptocurrencies run traditional banks out of business?
While some argue that it’s a hyped-up scam, others predict Bitcoin will hit $100,000 before the end of 2021.
Despite scepticism from many people, the appetite for cryptocurrencies has grown to a market valuation of $2 trillion. There is no going back, according to South African internet entrepreneur Vinny Lingham.
Lingham tells host Steve Clemons that crypto could “decimate” the traditional banking system if they were on a level playing field.
No amount of government crackdown, whether from China or the United States, can stop people from using the internet to innovate and cut out the middlemen, Lingham says. And it is inevitable that cryptocurrencies force banks to rethink their purpose, just as the internet forced newspapers to rethink their business models.