Huge Collapse of Banking System Could Trigger Fast Adoption of New Crypto Economy by 2030

There is an important factor that could seemingly trigger a really fast adoption of the crypto economy. This could happen by 2030, according to the latest reports.

According to Sergey Nazarov, the creator of Chainlink (LINK), a potential failure of the banking industry and subsequent disillusionment with the traditional financial system could lead to widespread adoption of cryptocurrency.

In an interview with Bankless, Nazarov outlined two possible scenarios for the future of crypto and blockchain over the next decade.

The first scenario involves a gradual shift in value from the incumbent financial system to the growing industry and technology.

The second scenario, however, involves a faster collapse of the legacy system, causing financial hardship for millions of people and driving them to recognize the benefits of verifiable, cryptographic money systems.

“The fast case is… more Silicon Valley Bank, more Credit Suisse-type failures, more big monumental failures that may not be able to be muted by governmental intervention, and which may lead to significant financial pain for society, significant political tension, significant international problems, because the fundamental promises of the system are not sufficiently backed.”

The notes continued and revealed the following:

“And the realization of those promises not being sufficiently backed is a painful realization that, if it happens, and if it happens in a way that cannot managed by governments, will lead people to realize the fragility of the systems in which their value exists, the systems in which their economic life exists. And at that point, a cryptographically guaranteed world, a verifiable web, will be extremely attractive.”

He continued and explained this:

“It will be so attractive that anyone who doesn’t cryptographically guarantee your economic relationship with them, anybody who can’t verify for you how you relate to your assets in their system, anyone who isn’t part of the verifiable web, will be at a disadvantage. It’ll be like not being on the internet. That is the fast case.”

Even in the case of the “slow case,” Nazarov says that the industry is most likely on its way to a $10 trillion market cap.