Crypto’s real threat to banks

Finance & economics | ButtonwoodCrypto’s real threat to banks The industry is supplanting Wall Street’s privileged position on the American rightShareIllustration: Satoshi Kambayashi Dec 15th 2025|4 min read“First they ignore you, then they laugh at you, then they fight you, then you win.” That quote is often attributed to Mahatma Gandhi, though the Indian independence leader never said it. To the crypto industry, the apocryphal phrase is a popular mantra. Digital pioneers have endured snootiness, mockery and derision from Wall Street’s elites. Now, they are mightier than ever. Already have an account?Log in Continue with a free trial Get full access to our independent journalism for free Get started Or create a free account to unlock just this article Create account Explore moreShareReuse this contentThe Economist TodayHandpicked stories, in your inboxA daily newsletter with the best of our journalismSign upYes, I agree to receive exclusive content, offers and updates to products and services from The Economist Group. I can change these preferences at any time.More from Finance & economics Free exchange Germany has a lawyer problemIts endless bureaucratic rules trap would-be reformersWhat a stiff drink says about China’s economyThe baijiu business is the latest to be struck by “involution”America’s bond market is quiet—almost too quietScott Bessent has a cunning planWall Street is drooling over bank mergersThe world’s most fragmented financial industry faces dramatic change ButtonwoodAsia’s inexpensive AI stocks should worry American investorsTech mania looks very different in Japan, South Korea and TaiwanWhich economy did best in 2025?Our annual ranking returns