Hmm...
I may be wrong (and please correct me if I am), but here is how I view it.
I believe that the future of the financial system will be positively impacted by what Bitcoin brings to the table. From my understanding, the big thing about Bitcoin is the Blockchain technology and I agree that this won't be going anywhere. The instrument communicating this development is Bitcoin, which, because of its lack of applications (at the moment) makes it incredibly hard to value (this can go both ways obviously).
The lack of applications concerns me because a significant portion of bitcoin holders are buying in with the hope/expectation that the value will appreciate, at which point they will sell... reaping rewards in the financial system that bitcoin is competing against. Additionally, from my point of view, I see the younger generations diving into the crypto world and if you read into this, younger people are less likely to have experienced an economic downturn and this naivety, if you will, is compounded by confidence from strong global growth (particularly in the American exchanges) since 2009. I believe what we will see is something similar to the Tech Boom where the big dogs of the crypto world will emulate the recovery of companies such as Ebay and Amazon. Additionally, I tend to think that the Crypto vs. Current system may play out in a similar way to Uber vs. Cabs in Australia
For a long time Cabs have been absolutely boning the consumer. Taxis had one of the strongest monopolies you could imagine. Then, all of a sudden, ignoring the rules and regulations, Uber storms in and occupies a huge amount of market share. Companies associated with Cabs (CabCharge) and owners of taxis were deemed to be redundant and popularity diminished significantly. However, the service remained the same between the two competitors and with an infrastructure already in place, Cabs now has an app and is regaining market share. Uber is also having to pay the relevant taxes now that they are legally recognised and whilst they are still in "growth phase" they are yet to turn a profit.
Much like Uber, Bitcoin is not offering a new service, it is presenting a new technology. I believe current financial systems will adopt these technologies and co-exist with crypto... to what proportion, I have no idea.
Just my 2 cents
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