{"id":150069,"date":"2019-06-21T09:05:20","date_gmt":"2019-06-21T13:05:20","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=150069"},"modified":"2019-06-21T08:48:25","modified_gmt":"2019-06-21T12:48:25","slug":"what-facebooks-libra-tells-us-traditional-banking-is-finished-and-cryptocurrencies-are-mainstream","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/06\/what-facebooks-libra-tells-us-traditional-banking-is-finished-and-cryptocurrencies-are-mainstream\/","title":{"rendered":"What Facebook\u2019s Libra tells us: traditional banking is finished and cryptocurrencies are mainstream"},"content":{"rendered":"
June 21, 2019<\/div>
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By George Prior<\/strong><\/em><\/p>\n

Facebook\u2019s jump into cryptocurrencies is another nail in the coffin for traditional banks, says the CEO of one of the world\u2019s largest independent financial advisory organisations.<\/p>\n

Nigel Green, the founder and chief executive of deVere Group, is speaking\u00a0after the social media giant\u00a0this week set out details of Libra, its own digital currency, to be launched next year.<\/p>\n

Mr Green affirms: \u201cFacebook\u2019s launch into cryptocurrencies tells us two things.<\/p>\n

\u201cFirst, the role of traditional banks will decline at a quicker rate than many had previously predicted.\u00a0 Facebook\u2019s Libra cryptocurrency will be able to transact across traditional payment rails. They have partnered with PayPal, Mastercard, Visa and Stripe, amongst others to fuel merchant acceptance of the digital currency.<\/p>\n

\u201cIf you have cryptocurrency on these payment methods, the purpose of and use for traditional banks will surely shrink.<\/p>

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\u201cCryptocurrencies and fintech [financial technology] solutions are already taking business away from banks.\u00a0 They are filling a gap left by the traditional way of doing things as the world speeds up and becomes increasingly globalised and digitalised.<\/p>\n

\u201cThe jump into cryptocurrencies \u2013 which are the future of money \u2013 by Facebook which already has 2.7 billion users\u00a0can really only be seen as another nail in the coffin for banks.\u201d<\/p>\n

He continues: \u201cSecond, tech giants entering the cryptocurrency sector indicates that digital money, as a concept, is fully mainstream and inevitably the way the world is going.\u00a0 This is something we have been arguing for a long time now \u2013 despite protestations from financial traditionalists.<\/p>\n

\u201cWhere Facebook leads, others will inevitably follow, and this will quicken the pace of mass adoption of cryptocurrencies.\u201d<\/p>\n

The deVere CEO concludes: \u201cThis is a major development in the crypto-verse and it is surely just the beginning. This is set to revolutionise how people access, manage and use money across the world and it will positively disturb the wider banking sector. Banking as we have known it until now is coming to an end.\u201d<\/p>\n

About:<\/strong><\/em><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior Facebook\u2019s jump into cryptocurrencies is another nail in the coffin for traditional banks, says the CEO of one of the world\u2019s largest independent financial advisory organisations. Nigel Green, the founder and chief executive of deVere Group, is speaking\u00a0after the social media giant\u00a0this week set out details of Libra, its own digital currency, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-150069","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=150069"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150069\/revisions"}],"predecessor-version":[{"id":150070,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150069\/revisions\/150070"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=150069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=150069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=150069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}