--- title: "Banks Warned That Crypto Could Replace Dollar Within Five Years" description: "According to a recent survey by Deloitte, digital assets will likely replace fiat currencies in five to ten years, a \"a seismic shift.\"" date: "2021-08-25" modified: "2021-08-25" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/banks-crypto-replace-dollar" categories: - "Blockchain" - "Future Society" tags: - "blockchain" - "cryptocurrencies" - "digital currency" --- # Banks Warned That Crypto Could Replace Dollar Within Five Years ![According to a recent survey by Deloitte, digital assets will likely replace fiat currencies in five to ten years, a "a seismic shift."]() *\Image: 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. 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]() \[*Insider*\] **More on crypto:** *[Feds Smashed Armored Vehicle Through Wall During Bitcoin Raid]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()