Today I read yet another article where some high level banking executive was declaring an end to cryptocurrencies. Saying that they were a bubble, that they would likely trade to zero, and that they weren't backed by anything substantive. I see this type of article every couple of days. It always reminds me of this song by Aesop Rock:
The chorus says:
When the radio stars climbed up out of the floors
To murder the medium that shot 'em thirty years before
They said, "Kill Television"
The story of banks being made obsolete by cryptos is nothing new. The same thing happened to scribes when the printing press was invented. With buggy whip manufacturers when automobiles gained popularity. Television usurping radio. The recording industry and MP3's. Online shopping and physical retailers. The list goes on and on. In every case, the existing established order saw disruption coming and tried to undermine it, for fear of being left behind. And in every case, they were unable to stop progress.
Now I'm not saying that there won't be bumps in the road. There certainly will be. The specific cryptos that are the front runners today may not even exist in the future. Governments and businesses want to get their hands in. But crypto as a whole isn't going away. Good ideas can't be stopped. They refuse to be.
So when you see this kind of FUD propagated by the existing financial system, just remember history is on your side; progress always wins out in the long run. Despite interference from governments, from business, or even from individuals, progress always wins.
And regardless of your opinion on cryptos, it's always a good idea to hold on to some of the original decentralized banking system: silver and gold.
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Either way, you're cutting out the unnecessary middleman, and taking your financial power back into your own hands. That scares the existing financial system.
As it should.