"Financial Executives Predict Cryptocurrency Will Replace Traditional Currency Within 10 Years"

Deloitte Survey Results Announced
76% Overall Predict "Replacement Within 10 Years"
"Cryptocurrency Is a New Growth Alternative in Financial Markets"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Executives of major financial institutions worldwide expect cryptocurrencies to replace traditional currencies within the next 10 years.

According to the '2021 Blockchain Survey' released by international accounting firm Deloitte on the 22nd (local time), 76% of respondents answered that "cryptocurrencies will become a strong alternative to or completely replace traditional currencies within the next 5 to 10 years."

The survey was conducted among 1,280 bank presidents and financial institution executives across 10 countries including the United States, the United Kingdom, China, Hong Kong, Germany, Brazil, Japan, Singapore, South Africa, and the United Arab Emirates. The survey period was from March 24 to April 10.

In this survey, most respondents showed close attention to the impact of cryptocurrencies on the financial market, with 83% acknowledging that cryptocurrencies are already widely recognized, and 73% expressing concern that failing to adopt cryptocurrencies could result in falling behind in competition.

80% of respondents predicted that cryptocurrencies will play an important role in the financial industry within the next two years. 73% believed that embracing blockchain is essential for their organizations to maintain future competitiveness. There were even extreme views suggesting the imminent end of traditional currency.

Regarding obstacles to the spread of cryptocurrencies, 65% of respondents cited existing financial infrastructure, 63% cited security, and 60% pointed to regulatory authorities.

Financial executives are positively changing their perception of cryptocurrencies to acknowledge customer changes and avoid falling behind in competition.

Linda Pawczuk, Deloitte US Cryptocurrency Lead, explained, "The global financial ecosystem's perception of cryptocurrencies has changed significantly since last year." She added, "The banking industry has become stagnant. Financial executives are seeking growth alternatives in the money of the future."

In the United States, banks offering cryptocurrency services such as Bitcoin are increasing. Although Jamie Dimon, CEO of JP Morgan Chase, the patriarch of the US financial sector, repeatedly denied investing in cryptocurrencies, the bank recently began launching a Bitcoin fund. Wells Fargo, ranked third among US banks, and investment bank Goldman Sachs have also launched or are preparing cryptocurrency-related services.

This content was produced with the assistance of AI translation services.