Is The Old Financial Model Crumbling?

Today I wanted to explore the idea of the ‘old world vs the new world’ with regards to crypto and blockchain technology.

There has been so much news lately about traditional finance companies entering the crypto space. We’ve also seen banks collapse, whilst others crack down on withdrawals to crypto exchanges. In Australia, banks are restricting customers’ access to their own funds by removing cash withdrawals at branches.

For me, this is another example of why cryptocurrencies, and particularly Decentralised Finance (DeFi), are the way of the future.

DeFi exists to give people control over their finances and stop big institutions telling us what we can and can’t do with our own money. With DeFi, we can take out a loan without paperwork, move funds quickly and easily and have so much flexibility and control over our own funds, because it’s not governed by one corporation or gatekeeper. It’s governed entirely by code. It’s a much faster and fairer system than we’ve ever had with the traditional banking system.

In fact, the crypto pioneers have built a system so good that, despite the slander and fear narratives that have plagued it since the beginning, the corporations in opposition to it now have no choice but to move over to it. They are more or less admitting that the new financial world of crypto is superior to the old world of traditional banking.

So, even with all the regulatory crackdowns and the bleak outlook that we’ve been fed for a long time, broader adoption is happening.

In my opinion, we’re at the start of what will be a very lucrative upward cycle, particularly for Decentralised Finance.