The cryptocurrency sector is destined to replace the traditional finance model (TradFi) in the long run. It's a question that also divides the ranks of this decentralized digital economy. Especially when iconic players like BlackRock look to the cradle of a Bitcoin cash ETF that is still firmly under lock and key by the US Securities and Exchange Commission (SEC).
Because, apart from the notable increase of the last few days, what other consequences could there be if the Bitcoin market were opened up to this type of product? In particular, if it is launched from the largest fund manager in the world. Could this be the beginning of an inevitable recovery? Or it is a sign of what some ex-traditional finance executives who have gone over to the enemy see as “a banking sector that is slowly dying”.
“Web3 financial binaries are the future
The entry of institutional structures into the cryptocurrency market has seen a significant acceleration since the last bull market. Their strategy is often to take a bite of the cake without having to follow the recipe imposed by this digital economy. A trajectory whose main consequence is to demonstrate a growing interest in the cryptocurrency sectordespite strong regulatory pressures.
This is why some traditional finance executives are moving into the digital world, where innovation has a better chance to thrive. They are driven by a shared faith in the future of this digital economy, which is set to become the most dynamic in the world. play an (even more) important role in a few years. This is certainly the opinion of Lisa Wade, current CEO of DigitalX, who was previously responsible for innovation and sustainability at one of Australia's four largest banks (National Australia Bank).
"It is increasingly clear that Web3 financial binaries are the future. It's hard to innovate internally (in the banking sector)So those of us who are on fire are abandoning ship."
The use of cryptocurrencies "will be mainstream in 10 years at the latest".
Lisa Wade believes that the use of cryptocurrencies “will be common in 10 years at the latest”. Especially since this rapidly developing sector, in his view, allows "to build something big (...) in a way that a bank could not do". An opinion also shared by Guy Dickinson, current CEO of the carbon trading platform BetaCarbon. A role he took on after leaving the lucrative position of Treasurer of HSBC Australia.
"In 2017, I quit my job as an engineer at a TradFi company to work professionally in the cryptocurrency space. My colleague turned to me when I quit and said, "Remember, quitters never win and winners never quit." No hard feelings, but I often think about your stupid statement, Steve."
Is it more profitable? Guy Dickinson replies that his current job is in any case “much more satisfying”. Especially in front of a “slowly dying banking sector”. Just think of the recent crisis that hit a good number of local operators in the United States, with a culprit immediately identified: a cryptocurrency sector that has absolutely nothing to do with it. But the opportunity to tarnish his reputation further was too great!
A hemorrhage for the cryptocurrency sector that is emptying the TradFi sector of a lot of its talent. To the point of starting a article of the Fortune media in July of last year, following the simultaneous defection of two executives of the investment bank JPMorgan. A clear sign that a paradigm shift is underway…
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