Cryptocurrencies will free the world from bank fees

Cathie Wood, a well-known IT investor with estimated capital of $1.7 billion, claimed that cryptocurrencies would allow people to get rid of fees for financial operations. The investor believes that soon Bitcoin will be traded like corn or oil, and the popularity of cryptocurrencies will grow to the degree when all crypto transaction fees will be removed, reports CNBC.

In its turn, it will make banks and payment services to reduce or even completely refuse from fees for operations with fiat currencies. Even now, cryptocurrencies win the competition: one of the world’s most popular money transfer services Western Union takes 7%, whereas Bitcoin conversion will cost you just 3%.

Wood believes that in the future the situation will be escalating.