Crypto executives say digital native generations may never need a bank account
Crypto industry executives suggest that digital-native generations may bypass traditional banking in favor of decentralized finance and integrated digital wallets. These experts argue that blockchain-based assets and smart contracts will eventually replace the need for conventional bank accounts.
Why it matters
This shift represents a potential disruption to the global financial system, moving from centralized banking to decentralized, app-based asset management.
“My daughter, she’s one and a half years old, and I think she might never need to open a bank account in her life,” the Steakhouse Financial co-founder said in an interview with CoinDesk in London. “We’re building products for that generation.”
That belief is shaping Steakhouse Financial, a decentralized finance (DeFi) firm that manages more than $4 billion in blockchain-based vaults. The vaults are smart contracts that let users deposit stablecoins, earn yield and retain control of their assets rather than placing them with a bank or other intermediary.
Cachinero clarified he isn’t saying banks will disappear. Instead, he believes people who grow up in a digital-first world will expect payments, savings and other financial services to work online.
“I might be the last generation that remembers life before the internet,” he said. “For the generations that followed, the internet is just a fact of life.”
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