Blockchain – the technology that underpins the cryptocurrency bitcoin – is unlikely to kill banks despite warnings from top industry executives, the chair of a bitcoin non-profit organization told CNBC on Monday.
Last week, Andrey Sharov, a vice president at Russia's Sberbank, said banks would disappear by 2026 due to the rising use of blockchain technology.
"In 10 years, there will be no banks, I'm afraid," according to a translation of Sharov's comments by the Coinfox bitcoin news website.
But Brock Pierce, the chairman of the Bitcoin Foundation, said that while the adoption of blockchain will hit parts of a bank, it will ultimately create opportunity.
"There are certain aspects of their business that are going to be negatively impacted, but there are also going to be other business units that are going to be positively impacted and new business units that get created that might not even exist today," Pierce told CNBC in an interview on Monday.
"And the parts of the industry that are being most negatively impacted are the ones where the bank is not providing much in the way of value, where they are being a toll taker but not really a value creator."