Tom Lee: 99% of Financial Activity Still Runs on Traditional Rails; Banks Must Beware of Lagging in the Crypto Transition

October 25 — Tom Lee, chairman of Ethereum treasury company Bitmine, said in an interview that about 99% of financial activity still runs on traditional financial infrastructure, but this could create a misleading recency bias that leads investors and businesses to underestimate the growth potential of the crypto market. Lee believes that because crypto is still regarded as a niche area, financial institutions may overlook the speed at which the traditional financial system is transitioning to crypto infrastructure. As crypto market adoption increases, banks that have not yet built out crypto operations or related infrastructure may face a competitive disadvantage.