Research: Bitcoin and encryption "small banking system" US banks may lay off 200,000 people in the next 10 years

On October 6th, a recent study by Wells Fargo showed that about 200,000 people will be laid off in the next 10 years. The layoffs expected to be made echo the views of ECB President Christine Lagarde. According to Lagarde, distributed ledger technology (DLT) such as Bitcoin and other cryptocurrencies is “inciting (banking) systems”. In an interview, Lagarde pointed out that the rapid development of commercial banks and innovative blockchain digital assets have had a significant impact on the financial industry.