I went to Twitter & found lots of SWIFT talk; shillers shilling for new ATHs; others calling for a collapse to $0. Usual stuff. Then I found this video of IMF director Christine LaGarde. These are her words not mine.
“…into new technologies that will actually change the way intermediation is conducted. Eliminate some of the barriers including the unconscious biases that exist out there. And in the banking system at-large in many, many countries the difference will not be between those that are disrupted & those that survive but those who are cannabilized – because they are not seeing it and not embracing it – and those that self-induce that cannibilization. And I’m using ‘cannibilization’ on purpose because it’s a striking word. But it’s really what it means; you’re going to disrupt your business model. You’re going to change it. You’re going to reduce your costs, you’re going to expedite transactions, and you’re going to continue to inspire confidence because you will build up on the existing backbone which is the bank and confidence you established with your customers.
That’s where I see changes happening. if you think of Circle and Ripples (sic) that’s where they are active and helpful.”