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Deloitte survey: for 76% cryptocurrencies an alternative to fiat

A recent survey conducted by Deloitte produced a decidedly unexpected result: three out of four respondents believe that cryptocurrencies will be an alternative to traditional fiat currencies. 

The Deloitte survey

This is Deloitte’s 2021 Global Blockchain Survey , a survey conducted between March and April on 1,280 “senior executives” in 10 countries (Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, UAE, UK and USA) with knowledge core of blockchain and digital assets.

76% of them replied that they believe that digital assets will represent a valid alternative, or real substitutes, of traditional fiat currencies in the next 5 or 10 years.

However, it is not clear whether or not they considered CBDCs to be included in these “digital assets”, also because not all respondents were true digital asset experts.

Central bank digital currencies ( CBDCs ) are in fact nothing more than natively digital versions of traditional fiat currencies, natively analogue but already widely used in digital format.

Therefore, from a financial and social point of view, CBDCs should not be considered either digital assets, nor cryptocurrencies, but only new versions of traditional fiat currencies. In short, they have very few differences compared to traditional fiat currencies, and share with them the same value, the same monetary policies, and the same inflationary nature.

In general, however, digital assets do not mean digital versions of traditional assets, but new assets, completely different from those of the past, natively digital and based on distributed or, better, decentralized ledgers. Therefore CBDCs should not be included in the list of digital assets.

Cryptocurrencies vs fiat currencies

Deloitte’s poll seems to suggest two things.

The first is that, even among those who claim to have a basic knowledge of new digital assets, there is probably some confusion about what are the peculiar characteristics that an asset must have in order to be considered natively digital and innovative to the point of to be included in the new asset class precisely of digital assets.

The second is that digital assets are still raising a lot of expectations.

In this regard, Deloitte states:

“Digital assets are disrupting the entire financial market and every organization or industry that is a customer of the financial services sector (FSI). Financial instruments, from money to stocks, and the infrastructure for any type of transaction, are changing, for the better ”. 

He also adds that the survey has brought to light a “seismic change” taking place in the financial services sector, deriving precisely from the evolution of blockchain-based digital assets.

This hypothesis seems to be shared also by many ordinary people who are entering the world of blockchain, even if not everyone has yet understood that it is probably the financial sector that is benefiting most from this innovation.

On the other hand, the results of the Deloitte survey also underline the strategic and fundamental importance that the blockchain revolution is having specifically in the financial sector, where the decentralization revolution has not only already begun, but is already concretely changing things in a way deep and irreversible. At this point, the 76% of respondents who believe digital assets to be a real alternative to traditional fiat currencies make sense less surprising than they might appear on superficial analysis.

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