Read full article at Coingape.

bitcoinbitcoin

A Deloitte report, surveying mostly banking executives, revealed that the majority think, cryptocurrencies like bitcoin and other virtual assets can potentially replace fiat currencies like the U.S. dollar in the next 5-10 years. The executives have described this as a “seismic” shift, referring to the radical change it will implement on the economy.

“We uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets,” Accountancy firm, Deloitte consultants stated, alongside the report that discovered, 76% of finance professionals believe BTC and crypto-assets can potentially replace fiat in not more than 10 years.

The whopping 81 percent in a finance professionals’ group, thought that blockchain technology holds the potential of broad scalability and has already achieved mainstream adoption.  Additionally, another 73 percent thought that organizations will lose the opportunity for competitive advantage unless they adopt blockchain and crypto-assets. Furthermore, 80 percent of finance professionals believed that their respective industries would benefit from blockchain, digital assets, and cryptocurrency solutions in form of new revenue streams generation.

Image Source: Deloitte Insights

“The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money,” wrote Linda Pawczuk, Global Leader of Deloitte’s Digital Assets, Crypto, and Blockchain group. Additionally, she is Deloitte’s Global Financial Services leader for Cloud and leads the Global Financial Services Cloud alliance relationship with AWS.

Crypto Bull Season

The Crypto market cap touched $2.1 Trillion after its considerably long bearish run. In just one month, from $1.1 trillion in July, the Crypto market cap leaped to $2.1 Trillion in August. Bitcoin (BTC) finally surged and broke above $50,000 last night, for the first time since its drastic decline in May.

Other Altcoins also joined the bull run including Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Ripple’s XRP. The inevitable rise of crypto has led to traditional market players revaluate and consider the implementation of the decentralized systems into the economy.

The post Banking executives poll claims “seismic” shift from Fiat to Crypto in 5 years appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.