Majority Believe Crypto Will Replace Fiat Within 10 Years

What Happened: A vast majority of those surveyed in Deloitte’s annual global blockchain survey believe that cryptocurrencies will play a major role in the future of finance.

“In a seismic shift, financial leaders increasingly see digital assets as the future,” stated Deloitte.

Of the thousands of executives surveyed across Asia, the Middle East, Europe, and the Americas, 76% of them believed that digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5-10 years.

In terms of the role digital assets will play in the future, a significant portion of executives viewed custody and new payment channels as an important use case.

Meanwhile, 39% of executives believed the ideal use case for blockchain-based digital currencies was in the tokenization of assets and the creation of decentralized finance (DeFi) systems.

However, these executives remained primarily concerned by regulatory barriers and cybersecurity risks posing hindrances to adoption.

Read also: Peter Schiff Admits That He Regrets Not Buying Bitcoin

71% of the surveyed believed cybersecurity threats were the largest obstacle, while 63% said that regulatory challenges threatened the acceptance and use of digital assets globally.

Still, according to Deloitte, the fact that the established norms of accounting and tax implications may not be applicable to digital assets may serve to work in the industry’s favor.

“Banks face fierce competition in lending at home and abroad. They are exploring asset-based approaches for issuing loans,” said Deloitte.

“We expect these shifts to be highly disruptive to financial services.”

Price Action: At press time, the leading digital asset Bitcoin (CRYPTO: BTC) was trading above $50,238, gaining 2.61% in the past 24-hours.

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