Big Banks are Becoming Irrelevant (and they know it)

At the end of August, contender for the Fed Chair. Michelle Bowman, told banks that “change is coming,” and unless you embrace AI and crypto your business will slowly die. With Powell’s retirement, and Bessent’s drive for stablecoin implementation to the save the US debt market, the next Fed Chair will surely embrace those ideas too.

There are two reasons for this transformation:

Debt. The amount of debt big banks are carrying make it increasingly harder to turn a profit (and ensure a stable future). and the amount of debt the US is carrying can never be paid off.

AI and blockchain are placing power into the hands of the individual, not the…

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