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In 2015, the former Barclays boss predicted a decline in bank staff and branches "by as much as 50 percent over the next 10 years". Today he warned that cryptocurrencies like bitcoin are only the beginning: "This is just in the footprints of what's going to happen. As these technologies season and develop, we can imagine total transformation of the banking system, using blockchain for example, to a world where banks don't really exist anymore."