According to a Deloitte survey, the future of the cryptocurrency world looks bright. According to the study, an overwhelming majority of executives of large companies believe that digital assets will become an important part of the global financial system.
End of physical money in sight?
In the study, Deloitte surveyed the executives of around 1,000 companies about cryptocurrencies. 80% of respondents believe that digital assets will be an integral part of the financial world within two years. After all, 73% believe that blockchain technology will be essential for future competitiveness.
Even more remarkably, 76% of respondents believe that fiat currencies need to make way for digital currencies within five to ten years. Some even say they wouldn’t be surprised if the era of physical money came to an end.
Shift in the financial ecosystem
According to Linda Pawczuk, an expert on blockchain and digital blockchain and digital currencies at Deloitte, this is typical of the change that has been underway for several years.
“Over the past year, we have seen a significant shift in the way the financial ecosystem is thinking about new business practices driven by digital assets and how they will play an important role in financial infrastructure.
Executives of financial institutions such as banks were also surveyed. Around 76% of financial institution executives fear that their business will fall behind if they don’t quickly adopt blockchain technology and digital currencies.
Finally, 43% believe that their companies should create the opportunity to pay with cryptocurrencies as soon as possible. Trading venues or software systems such as Bitcoin Era or Immediate Edge are also still seen as growth drivers.
Despite this positive attitude of the top executives towards blockchain and crypto, there are also some areas where improvements are possible. For example, 71% believe that safety in this new innovative sector still leaves much to be desired. In addition, restrictive regulations give many people a slight headache.
Sarah has been working in the field of crypto news for several years. She writes as a freelance author for various trade magazines on blockchain, bitcoin and altcoins. She also has a professional background in finance with a focus on investment and new forms of financing.