So Bitcoin hasn’t replaced banks, and it isn’t showing up at the cash register in the ways Nakamoto expected. But that doesn’t make it irrelevant for the financial industry. Commercial banks, and even central banks, are starting to embrace bitcoin at their deepest levels. For investors, the key question isn’t when will everyone start spending bitcoin in retail settings. It is when banks, brokers, and clearing houses start relying on it under their hoods.
Bitcoin won’t replace banks. It could become their quiet reserve asset.
