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.

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]

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