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Big Four accounting firm Deloitte & Touche's recent annual global blockchain survey reveals 76% of finance professionals believe digital assets will replace fiat currencies in the next 5 to 10 years.
Crypto Would Replace Fiat Currencies
Deloitte's 2021 global blockchain survey has found that 76% of senior executives at financial institutions believe that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.”
The survey was conducted between March 24 and April 10 among more than 1,000 finance professionals based in Brazil, China, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the U.S. Roughly a third of respondents were from Asia, over a third from the U.S., 22% from Europe and the remaining from South America, Africa, and the Middle East.
The majority of the respondents (81%) found that blockchain technology is broadly scalable and has achieved mainstream adoption, with 73% saying businesses should adopt the nascent technology to remain competitive in the future.
65% of the executives considered existing financial infrastructure among the biggest obstacles to accepting digital assets while 63% thought cybersecurity is another barrier. At the same time, 60% saw regulatory obstacles as an obstacle to mainstream adoption.
While 43% of the respondents said that their businesses may eventually adopt cryptocurrencies as a payment option, another 44% said crypto would allow their institution to access decentralized finance (DeFi).
Deloitte's Global Blockchain Survey
Deloitte is one of the “Big Four” accounting firms in addition to KPMG, EY, and PwC. The firm has been conducting blockchain surveys for the last four years. This year’s survey has focused exclusively on the commercial activities enabled by blockchain.
Commenting on the results, Linda Pawczuk U.S. blockchain and digital assets leader at Deloitte said:
“In the last year, we’ve seen a significant shift in how the global financial ecosystem is thinking about new business models fueled by digital assets, and how this is playing a meaningful role in financial infrastructure.”