Can Crypto Replace The Dollar In Five Years? Bankers Say It Could

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Crypto adoption is no longer something that is expected to happen. It is already happening. A recent survey from Deloitte has shown some interesting findings. The survey polled professionals from various finance fields about crypto and blockchains. The majority of the polled respondents answered in favor of crypto and blockchain adoption.

The latest market rally has seen cryptocurrencies grow in their relevance. Each bull market pulls in more investors to the market. As more investors come in, the more mainstream crypto and blockchain will become. Some industries are already feeling the heat of crypto adoption coming down on them. One industry is the art industry. An industry in which NFTs minted on blockchains has now become the order of the day.

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Cryptos are also creeping up into industries like online payments. Cryptoprocessing is becoming more important to eCommerce. This is why payments giants like PayPal, Visa, and MasterCard have launched services and cards for users to be able to pay online with crypto.

The majority of the polled respondents said they believed that blockchain is broadly scalable. And that it has already achieved mainstream adoption. With 73% stating that their companies were bound to lose competitive advantage if they did not adopt crypto and blockchain.

Crypto Taking Over Fiat Currencies

When asked about the importance of blockchain to their various industries, 78% of respondents replied that they believed digital assets will be very important to their industries in the next 24 months. Blockchain has been slowly but surely encroaching into various industries. New applications for blockchains are discovered for industries all the time. This is why blockchain adoption in the next couple of years will make or break companies in various industries.

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The most interesting fact about the survey came when comparing crypto to fiat currencies. Of the polled respondents, 76% said they believe digital currencies will be a strong alternative to or replacement for fiat currencies in the next five to 10 years.

“The foundation of banking has been fundamentally outlived,” said Linda Paw-czuk. “Financial services industry 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 U.S. blockchain and digital assets leader.

Crypto total market cap maintains bullish momentum | Source: Crypto Total Market Cap from TradingView.com

The debate on digital currencies is no longer a matter of if, but now, it is a matter of when. Governments have no doubt seen that the world is headed in this direction. This is why various countries have announced plans to launch a central bank digital currency (CBDC). A digital currency that would replace the paper versions of their currency. But still, be in control of the government.

Featured image from IEEE Committee Hosting, chart from TradingView.com
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