{"id":15244,"date":"2015-07-06T12:37:10","date_gmt":"2015-07-06T19:37:10","guid":{"rendered":"http:\/\/lifeboat.com\/blog\/?p=15244"},"modified":"2017-04-29T15:45:01","modified_gmt":"2017-04-29T22:45:01","slug":"major-bank-admits-bitcoin-could-destroy-banks-brokers-exchanges","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2015\/07\/major-bank-admits-bitcoin-could-destroy-banks-brokers-exchanges","title":{"rendered":"Major bank admits bitcoin could destroy banks, brokers &amp; exchanges"},"content":{"rendered":"<p style=\"padding-left: 30px\"><strong><span style=\"color: #ff0000\">July 9 update:<\/span><\/strong><br \/>\n<span style=\"color: #800000\"><sub>3 days after posting, Visa acknowledged that Bitcoin has <a href=\"http:\/\/www.coindesk.com\/visa-bitcoin-has-a-future-in-payments\/\" target=\"_blank\">a future in payments<\/a>. This is an understatement, of course. The bank described below goes a step further by acknowledging that the entire financial infrastructure may cave to cryptocurrencies.<\/sub><\/span><\/p>\n<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog\/wp-content\/uploads\/2015\/07\/burning-cash-300x243.jpg\"><\/a>French bank BNP Paribas warned customers and investors that the technology behind bitcoin might one day overtake conventional, account-based financial institutions, thus rendering existing companies redundant (that\u2019s British for <em>\u201cobsolete\u201d<\/em>).* It\u2019s a tectonic acknowledgement from one of the world\u2019s biggest banks.<\/p>\n<p>Analyst Johann Palychata <a href=\"http:\/\/securities.bnpparibas.com\/quintessence\/hot-topics\/beyond\/bitcoin-and-blockchain-what-you.html#.VZoo8hNVikq\">writes in the company\u2019s magazine Quintessence<\/a> that Bitcoin\u2019s blockchain, the underlying architecture that allows cryptocurrency to function, \u201cshould be considered as an invention like the steam or combustion engine,\u201d that has the potential to transform the world of finance and beyond.<\/p>\n<p>Check out the <a href=\"http:\/\/www.businessinsider.com\/bnp-paribas-bitcoin-blockchain-securities-firms-redundant-2015-7\" target=\"_blank\">full story<\/a> by Oscar Williams-Grut at Business Insider.<\/p>\n<p>* Although Bitcoin will obsolete the current service mix of financial institutions, it is my opinion that for savvy governments and established businesses, it represents a long term opportunity rather than a threat. \u2014PR<\/p>\n<p>__________<br \/>\n<sub><em>Philip Raymond is Co-Chair of The Cryptocurrency Standards<br \/> Association [crypsa.org] and chief editor at <a href=\"http:\/\/AWildDuck.com\">AWildDuck.com<\/a><\/em><\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"<p>July 9 update: 3 days after posting, Visa acknowledged that Bitcoin has a future in payments. This is an understatement, of course. The bank described below goes a step further by acknowledging that the entire financial infrastructure may cave to cryptocurrencies. French bank BNP Paribas warned customers and investors that the technology behind bitcoin might [\u2026]<\/p>\n","protected":false},"author":353,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,1761,45,5],"tags":[1979,2161,1981,1980,1978],"class_list":["post-15244","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrencies","category-finance","category-geopolitics","tag-banks","tag-bitcoin","tag-block-chain","tag-bnp-paribas","tag-quintessence"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/15244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/353"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=15244"}],"version-history":[{"count":2,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/15244\/revisions"}],"predecessor-version":[{"id":57010,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/15244\/revisions\/57010"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=15244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=15244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=15244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}