Banking executives poll claims “seismic” shift from Fiat to Crypto in 5 years

By Palak Malhotra
Published August 24, 2021 Updated August 24, 2021
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Banking executives poll claims “seismic” shift from Fiat to Crypto in 5 years

By Palak Malhotra
Published August 24, 2021 Updated August 24, 2021

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.

Crypto Adoption
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.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
408 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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