Ditching the Dollar

Banks Warned That Crypto Could Replace Dollar Within Five Years

"Participation in the age of digital assets is not an option, it is inevitable."

Aug 25 by Victor Tangermann
Getty Images
Image by Getty Images

According to a recent survey of finance industry executives by consulting giant Deloitte, digital assets will likely replace fiat currencies in five to ten years — and banks should take notice.

“Deloitte’s 2021 Global Blockchain Survey affirms that banks should embrace their inevitable digital future,” the report reads. “In a seismic shift, financial leaders increasingly see digital assets as the future.”

Some 76 percent of respondents said they believe “digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.”

The report is a strong indication that a digital asset revolution could be soon be upon us — and that those who won’t follow the trend risk losing out.

Advertisement

More and more money is being permanently stored in the form of digital assets, leading to both institutions and investors looking at ways to adopt new ways to do so.

The report is a strong indication that changes are coming, whether the industry is ready or not.

“Participation in the age of digital assets is not an option, it is inevitable,” the report concludes. “Leaders are left only to decide how to use digital assets and the new global financial service infrastructure to their greatest advantage.”

READ MORE: Crypto assets could replace fiat currencies within as little as 5 years, financial execs tell Deloitte [Insider]

Advertisement

More on crypto: Feds Smashed Armored Vehicle Through Wall During Bitcoin Raid


Futurism Readers: Find out how much you could save by switching to solar power at UnderstandSolar.com. By signing up through this link, Futurism.com may receive a small commission.

Share This Article

Keep up.
Subscribe to our daily newsletter to keep in touch with the subjects shaping our future.
I understand and agree that registration on or use of this site constitutes agreement to its User Agreement and Privacy Policy

Advertisement

Copyright ©, Camden Media Inc All Rights Reserved. See our User Agreement, Privacy Policy and Data Use Policy. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Futurism. Fonts by Typekit and Monotype.