Cryptocurrency is Starting to Creep in on Banking Sector

In the last few years, cryptocurrencies have become all the rage. Their influence has been steadily growing in various sectors of the global economy. This includes the banking sector, one of the most established industries globally. The rise of cryptocurrency has attracted financial executives and tech pioneers. It’s becoming the next big digital revolution and is set to bring decentralized power and decision-making. And it’s not only the tech industry that is drawing near to cryptocurrency. Some former Wall Street bank executives have jumped ship to the crypto community. Reports According to the American Bankers Association (ABA) The American Bankers Association (ABA) recently released a new report based on a survey of 400 bank executives. The report details how many bankers have an interest in moving to crypto. It turns out that approximately 40% of bankers surveyed said they would consider switching to a career in cryptocurrency. The executive summary: The financial services industry is losing senior bank executives at an alarming rate to cryptocurrency startups. The American Bankers Association (ABA) estimates that 40 percent of banking jobs will be lost by 2022 due to blockchain technology advancements and other disruptive innovations. Translation: it’s going to get worse before it gets better. Once banks stop issuing fiat currency, no one will be running traditional banks. At least not anyone with any institutional knowl...