Bitcoin and other cryptocurrencies could replace fiat currencies like the US dollar over the next 5-10 years. This conclusion was reached by several bank executives, led by Linda Pavchuk from the accounting company Deloitte, who conducted a survey among bankers.
“We found a seismic shift in financial services related to the evolution of digital assets that exist on the blockchain,” the report said.
A survey was conducted among bankers about the prospects of cryptocurrencies. Most bankers believe that cryptocurrencies will eventually replace fiat currencies.
According to the information provided, 76% of financial professionals believe that bitcoin and other cryptocurrencies can act as an alternative or even replacement for fiat currencies.
81% of 1,300 people surveyed say the blockchain technology behind cryptocurrencies is highly scalable. 73% are inclined to believe that companies need to integrate cryptocurrencies and blockchain into their business, otherwise they risk losing their competitive advantage.
“The foundations of banking have completely outlived their usefulness. The representatives of the financial industry need to reconsider their business and find innovative ways to ensure economic growth, ”Pavchuk said.
Digital currencies are really actively being introduced into modern life. More and more companies are starting to accept Bitcoin and other cryptocurrencies. In El Salvador, BTC is generally recognized as an official means of payment. At the same time, many countries are developing central bank digital currency (CBDC). So far, the leader in this area is China, which has already entered the active phase of testing the digital yuan.
“The future is coming right now. Participation in the digital asset age is inevitable, ”the report says.
