Banks don’t see the asteroid coming.

I am firmly convinced that cryptocurrencies are here to stay and that defi is the revolution in the world of finance that most have not yet realized. I subscribed to the newsletter precisely because I believe in this.

But what I still can't figure out is how the new crypto capitalists will be able to play the game against the old powers and governments, if they decide to exercise their power to ban commercial transactions using cryptos or ban fiat money-to-crypto exchanges.

Banning exchanges or even banning the possession of "unauthorized" cryptocurrencies would not be unlikely or surprising. At that point people could continue to buy and sell using crypto at businesses that accept crypto payments but governments tend to make any parallel economy illegal as soon as a certain level is reached.

But it must also be said that just making crypto transactions impractical would be enough to alienate almost all of the people who are not strongly motivated.

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