Coinbase CEO Brian Armstrong has emphasized that traditional financial institutions now view cryptocurrencies as a serious and existential threat to their business models. Speaking after returning from the World Economic Forum, Armstrong highlighted the growing importance of digital currencies in the global financial landscape. Cryptocurrencies like Bitcoin and Ethereum have revolutionized the financial system in recent years, forcing banks to reconsider their services and policies. According to Armstrong, major banks increasingly perceive crypto as a challenge that could undermine their traditional operations, as digital currencies have transformed the nature of financial transactions and boosted consumer adoption. In response, many large banks are introducing crypto-related services or investing in the sector to strengthen their market positions. Looking ahead, the influence of cryptocurrencies on the financial system is expected to grow, placing additional pressure on conventional banking models. Governments and regulators are also working to introduce laws and regulations to govern this emerging financial ecosystem, ensuring the integrity and stability of the crypto market.
Source: coindesk
