in

DeFi will win because it’s better and more transparent than banks – Investor Mike Novogratz

Cryptopolitan


TL; DR Breakdown

  • Investor Mike Novogratz bashes US politician for trying to stifle cryptos
  • Banks have made over $12 billion in overdraft fees in the recent past
  • Lack of transparency in banks has caused a mortgage crisis

The battle between DeFi and banks is heating up, and supporters on both sides are getting more aggressive. Banks are startled by the rise of crypto-based Decentralized Finance that seem to have challenged their business models to a point of existential risk. As expected, governments are on the side of the banks, but the people are for DeFi.

In a recent tweet, crypto investor Mike Novogratz sought to define the true image of banks as compared to the new DeFi revolution.