Updated 02 Sep, 2021

Deloitte Report Says Crypto Could Replace Fiat Within 10 Years

Deloitte Report Says Crypto Could Replace Fiat Within 10 Years

Key Takeaways:

  • A Deloitte survey states that the majority believed blockchain has potential for their business
  • Despite obstacles, as much as 76% say digital assets could replace fiat currencies within 10 years

Deloitte Releases Its Annual Global Blockchain Survey

A Deloitte survey among financial professionals has painted a widely positive outlook for the cryptocurrency industry in the next five to ten years. Deloitte, a Big Four accounting firm, has published its annual Global Blockchain Survey.  The views of 1,280 senior executives between the period March 24 and April 10, 2021 were recorded.

“In a seismic shift, financial leaders increasingly see digital assets as the future,” Deloitte said in the report. According to a poll included in the survey, a majority of 76% state they “believe digital assets will be a strong alternative to or replacement for fiat currencies in the next five to 10 years.”

Moreover, 78% of all respondents have stated they view digital assets as “very or somewhat important” to their industries in the next 24 months.

The surveyed participants span across a wide range of location.  Countries include Brazil, China, Japan, Singapore, the UK, the US, the UAE, and more. As much as 81% of them agreed that the blockchain technology powering the cryptocurrency tokens is “broadly scalable and has achieved mainstream adoption.”

More Than 70% Say Their Business Should Adopt Crypto

When it comes to the choice whether their business should adopt blockchain, 73% answered affirmatively. Moreover, they added they would lose “an opportunity for competitive advantage” if they failed to adopt blockchain or cryptocurrencies.

“The business imperative of adopting blockchain and digital assets is growing noticeably, as organizations increasingly accept that their current business models are at stake,” stated Deloitte.

Challenges remain for the fast-evolving digital asset space. 71% of the surveyed believed cybersecurity threats were the largest obstacle toward embracing crypto in mainstream finance. Regulatory pressures, according to 63% of the polled, threatened the acceptance and use of cryptocurrencies globally.

The aim of the report was to “gain insights into overall attitudes and investments in blockchain and digital assets.”

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