Cryptocurrencies: Even bankers believe in displacing fiat money
Cryptocurrencies: Even bankers believe in displacing fiat moneyCryptocurrencies: Even bankers believe in displacing fiat moneyCryptocurrencies: Even bankers believe in displacing fiat moneyCryptocurrencies: Even bankers believe in displacing fiat money

A recent survey by Deloitte has produced some interesting results. In the survey, professionals from various financial sectors, including bankers, were asked about crypto and blockchain. The majority of respondents were in favor of the adoption of cryptocurrencies and blockchains.

With the recent market rally, cryptocurrencies have become more important. Every bull market attracts more investors to the market. As more investors join, crypto and blockchain become more mainstream. Some industries are already feeling the pressure from crypto adoption. One industry is the art industry. An industry where NFTs minted on blockchains are now commonplace.

Cryptos are also making inroads into industries like online payments. Crypto processing is becoming increasingly important for e-commerce. For this reason, payment giants like PayPal, Visa, and MasterCard have launched services and cards that allow users to pay online with cryptocurrencies.

The majority of respondents believe that blockchain is widely scalable. And that it has already achieved widespread adoption. 73 percent said their companies would lose competitive advantage if they did not adopt cryptocurrencies and blockchain.

Crypto is taking over fiat currencies

When asked about the importance of blockchain to their various industries, 78 percent of respondents said they believe digital assets will be very important to their industries in the next 24 months. Blockchain is slowly but surely making its way into various industries. New applications for blockchains are constantly being discovered in various industries. For this reason, the adoption of Blockchain in the next few years will determine the success or failure of companies in various industries.

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The most interesting fact of the survey emerged when comparing cryptocurrencies to fiat currencies. Of those surveyed, 76 percent said they believe digital currencies will be a strong alternative to or replace fiat currencies in the next five to 10 years.

“The foundation of banking has fundamentally outlived its usefulness,” said Linda Paw-czuk. “Financial services players must redefine themselves and find innovative ways to create economic growth in the future of money.” Linda Paw-czuk is a principal at Deloitte Consulting LLP. And a global and US leader in blockchain and digital assets.

The debate over digital currencies is no longer a question of if, but a question of when. Governments have doubtlos recognized that the world is moving in this direction. For this reason, several countries have announced plans to introduce a central bank digital currency (CBDC). A digital currency that would replace the paper version of their currency. But still be under the control of the government.

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