“The older generation of bankers would probably be completely unable even to imagine how the new system would operate and therefore be practically unanimous in rejecting it. But this foreseeable opposition of the established practitioners ought not to deter us.
I am also convinced that if a new generation of young bankers were given the opportunity they would rapidly develop techniques to make the new forms of banking not only safe and profitable but also much more beneficial to the whole community than the existing one.” – Hayek in the Denationalization of Money.
A brain drain is currently on-going as some of the smartest men and women leave Wall Street to join the crypto-movement in a second wave of adoption with this space now standing on the brink of mainstream.
From BlackRock to Deutsche Bank, Goldman Sachs and JP Morgan, young rising stars and executives alike are leaving to play their part in the blockchain land.
“You’ve seen a bifurcation internally at many larger houses where senior managers are very skeptical about crypto, while graduates and younger team members are very positive,” Adam Grimsley, a former BlackRock fixed-income specialist, said before adding:
“The youngsters may have less intellectual baggage and may be more open-minded, but they also have less responsibility for managing risk and working out the practicalities of bolting on crypto to the existing business.”
That inability of old established institutions to adapt to changing times is a story often told. Where this space is concerned, it applies not only to banks, but tech companies themselves.
In Silicon Valley an exodus of sorts has been on-going for some time. While bitcoin tended to split opinion, ethereum made them fall in love.
Facebook and Google are now seen as old and bloated monopolies sucking up everything, while ethereum to many offers a new world of opportunity.
“Crypto is certainly a market that’s pulling away real talent from financial services,” Chris Matta, 28, who left Goldman Sachs for his own crypto venture, says.
While plenty millennials are now throwing their lot on the blockchain space by starting new businesses, many senior executives have also joined.
Marc O’Brien, former CEO of Visa UK, joined Crypterium as CEO in May 2018. While ConsenSys was able to attract Ed Budd, a former Managing Director at Deutsche Bank, to head up the new UK office of ethereum’s powerhouse.
There are far more such examples, with the stupendous recent growth of cryptocurrencies and the ever growing horizon of blockchain technology so creating a talent magnet as the rush goes on in races within races to take advantage of all the new opportunities.