Jared Dillian, an investment strategist who works at Mauldin Economics,recently tweeted that Bitcoin and the crypto technology have the potential to destroy the banking system. According to him, it is not a question of “if, but when” this will happen.
Talks about this have been going for what it seems like forever. However, since last year, many people related to traditional banking are starting to buy this idea. People are leaving the traditional industry and trying their luck in the blockchain world.
I've only been exploring bitcoin in depth for a couple of weeks, but I'm finally beginning to understand the threat to the banking business model.
There are myriad technological hurdles, but this is a question of when, not if.
— Jared Dillian (@dailydirtnap) September 18, 2019
Popular figures such as Tim Draper, Michael Novogratz, Tom Lee, Anthony Pompliano and John McAfee are championing for Bitcoin relentlessly. Now, Dillian seems to be moving towards being a part of the group. While he believes that there are still several technical issues to be solved before the new system is properly implemented, he seems pretty sure that the revolution will happen.
The community had a mixed response to Dillian’s tweet. While some people agreed with him about Bitcoin and affirmed that it would, indeed, change the world for the better, some others see more problems than solutions in the popular asset.
A user called @PavanRobertoA, for instance, affirmed that Bitcoin is simply unable to scale enough to threaten banks, while another user called @ObiWanKenoBit affirmed that the main difficulty that the crypto assets have is that they still have to compete with centralized money. Fiat currencies are still dominating the world and the banking system will continue while they exist.
Some people even suggested that Ethereum could be better than Bitcoin, which shows that the community is still pretty divided about the future.