“Banks will lose 60 percent of their revenues and money will be digital in 10 years”

The famous futurist, author and also considered one of the most influential people in Europe, Gerd Leonhard, claims that in the near future, some banks will lose 60 percent of their revenues due to Blockchain and technological developments. He also predicts that within 10 years, digital currencies will replace the physical money we use today, and physical money will disappear.

In an interview with Business Insider, Gerd Leonhard spoke in the section about Blockchain:

“The great thing about technology is that it makes service faster and more convenient, as well as eliminating the middleman. Banks are intermediaries and it should be emphasized that the role they play is great. In the near future there will be thousands of ways to do the work we need banks to do now. For example, as in Africa, we will be able to transfer fee payments instantly by phone without banks. This is not the same as thinking that banks will disappear altogether, but it is a fact that some will lose 40 to 60 percent of their income. We are connected to the Internet and there is really no need to use a bank to send money. Also money will be digital, that’s for sure. And this is the first, most important change; not cryptocurrency. In the next 10 years money will be digital and paper money will disappear.”

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