By: Julian Thomas
It has been suggested by consultancy firm McKinsey & Co. that half of the world’s banks are too weak to survive an economic downturn and that steps need to be taken to address this. On the other hand, it is near impossible for the decentralized financial system of Bitcoin to collapse in the same manner.
Banking collapses have been seen before, and their effects have been devastating. It is for this reason that there are warning flags going up — indicating that banks need to ready themselves for an impending financial crisis. Even with preparation, though, it is being predicted that a large portion of the world’s banks could collapse entirely.