TL;DR Breakdown
- Deloitte survey reveals that virtual assets would replace fiat in a few years.
- Deloitte blockchain expert says global finance is being revolutionalized with virtual assets.
- Crypto price boom is one reason for increased crypto adoption.
A recent survey carried out by UK firm Deloitte has revealed that in the next five to ten years, digital assets are expected to replace fiat currencies.
76 percent of respondents of the survey made this prediction. Other respondents also stated that digital assets would play an essential role in the financial industry in the next two years.
The Deloitte survey was conducted with over 1,000 bank leaders and executives of financial institutions based in the USA, the UK, China, Hong Kong, Germany, Brazil, Japan, Singapore, South Africa, and the UAE as participants.
The survey was to determine if these stakeholders believe that the future is intertwined with cryptocurrencies. Many of them believed.
80 percent of the respondents answered that digital assets would play an important role in the financial industry in the next two years. 73 percent of the executives believe that blockchain adoption is essential if organizations want to compete in the future industry.
43 percent of the respondents opined that their institutions should adopt cryptocurrencies as a payment option.
While speaking on the survey result, US blockchain and digital assets leader at Deloitte, Linda Pawczuk, said that there’s been a shift in how global finance is seeing new business with digital assets and how it is shaping finance infrastructure.
Pawczuk added that the foundation of banking has been “fundamentally outlived,” and financial executives must find alternative ways to create “economic growth in the future of money.”
Surge in adoption of digital assets
There’s been a real surge in crypto adoption this year, coming from quarters least expected. The surge is attributed to so many reasons. However, it is believed that the serial price surge in the prices of crypto coins made more Millenials and adults also pay attention to the crypto space.
Now digital asset has also been a liberation to countries in the world. El Salvador made history, becoming the first country globally to make BTC its official fiat currency, with Argentina looking to follow in that line.
2021 has been a big year for digital assets and is believed by analysts to be a starting point for the takeover of virtual assets.
