At the recent Bitcoin conference, Cathie Wood spoke about the decline in banks as DeFi and crypto emerge and work their way into becoming mainstream.

First, Wood mentions that banks are losing talented workers to Web 3.0 startups. Then, Wood mentions that more people are starting to get their loans and are forming savings accounts on DeFi platforms.

Currently, we're still in the very early stages of DeFi and crypto and NFTs. If there's a perspective I share, it's that crypto today can be related to the internet during the Dotcom bubble. Amid the various crypto bear markets, developers continue to add applications and improve the usability and experience of these crypto networks. But the valuations of these various crypto projects are hard to measure in terms of overvalued vs undervalued.

Personally, I wouldn't be shocked if people start sourcing mortgages from the Compound $COMP.X platform. At the same time, I wouldn't be surprised if advertisers transact in $BAT.X. Or if salaries are in the form of $BTC.X. Cryptocurrencies have a lot of potential.

If people can choose to do their banking with $SOFI or other internet banks rather than with a bank with physical branches like $BAC, then I can see people taking their banking with $AAVE.X.

Source: https://www.cnbc.com/2022/04/08/cathie-wood-says-banks-have-a-big-problem-thanks-to-crypto.html