According to a new report that suggests the world's banks and financial services companies could adapt to the new world of bitcoin, blockchain, and cryptocurrencies. The global financial crisis of 2008, the catalyst for bitcoin and blockchain, shook the world which caused consequences we're living with today.
Rebecca Harding, the chief executive of tech company Coriolis Technologies writes "Lack of political leadership in the immediate aftermath of the financial crisis globally which has created a tide of populism which has led to economic nationalism and trade wars. According to Harding, Bitcoin is a financial form of populism, analogous to the election of Trump, the rise of Europe's far right, and the return of socialism to the mainstream political narrative. Banks are in the midst of mobilizing their response to the emergence of bitcoin and blockchain and some of that response has been an embrace. There is a lot of money being poured into Harding added. "Banks are at risk of becoming nothing more than some large fintech companies, people in the industry tell me."
The likes of search giant Google, online retailer Amazon, social network Facebook in the U.S. and internet Alibaba in China are the tech companies that have been shown the most credible interest in somehow disrupting the bank's fragile hold on the financial system. The new technological masters of the universe are hesitant to enter a market that is so closely regulated and fraught with potential hazards. According to Coriolis, "trade is used coercively to achieve national or domestic objectives predicated on a notion in the UK and the US in particular, that trade has become 'unfair'. Trade is at the epicenter of the financial crisis’s aftershocks."