Part 5/7:
The bargaining phase often transitions into what Andreas terms depression. This is when incumbents confront the reality that blockchain and cryptocurrency are fundamentally disruptive. Andreas notes, "Aww, but we had such a good run for two centuries." There's a sense of loss—loss of traditional revenue streams, control, and relevance. The rise of 24/7 cryptocurrencies, which operate beyond the constraints of traditional banking hours and fees, amplifies this anxiety. Incumbents perceive cryptocurrencies as a challenge to their established models and feel overwhelmed by the speed and global nature of this new financial paradigm.