According to hedge fund manager Mark Yusko, banks take $7 trillion dollars out of the system every year. The advent of triple entry accounting with blockchain means that banks are becoming redundant.
Banks fight dirty
Founder of Morgan Creek Capital, Yusko recently gave an interview in which he gave a portrayal of the banks that isn’t often heard. He stated that banks have paid more in fines for criminal acts such as fraud and money laundering than the entire market cap of Bitcoin.
He affirmed that banks are extremely worried about crypto and blockchain technology because it heralds an end to their existence, given that the middle man is now no longer needed. He said:
“We (the banks) skim $7 trillion a year out of this system. It’s 6 to 8% of GDP that goes to the banks for trust – but we can replace trust with truth.”
Yusko is of the belief that the FTX collapse was actually orchestrated in order to bring controversy to the crypto industry and allow US regulators to react by la
We współpracy z: https://cryptodaily.co.uk/2023/08/replacing-trust-with-truth-banks-fear-crypto
