Crypto currencies have “invaded” our lives for good and their use has expanded greatly. The whole world may not yet be familiar with how they work, but this seems to be changing as the years go by. However, there are still many who have their doubts. So, what is the future of cryptos? Will cryptocurrencies be able to replace the fiat money we are all so familiar with, in the future?
These questions are very important, although the answer is not yet certain. However, Deloitte research on blockchain and cryptocurrencies is here to give an estimate to the question of whether cryptocurrencies will replace fiat money in a few years.
Cryptocurrency research results
In a recent Deloitte survey of financial services professionals, the results were optimistic about the extent to which cryptocurrencies will be used in the future. In particular, 73% of participants said they believe that financial institutions can become less competitive if they do not follow blockchain technologies. In fact, it is very interesting that 76% believe that the end of the fiat money might be near, since in the next 5-10 years it will be replaced by cryptocurrencies! Still, almost 80% answered that they believe that digital data will be of significant importance to their industry in the next 24 months.
In addition, the research supports the importance of digital currencies in payments, as they can facilitate them. If you want to know more about the survey, you can read it here.
Obstacles to the adoption of crypto currencies
Although the results of the research are encouraging for the future of crypto currencies, there are some issues that need to be resolved, according to the same research. More specifically, the majority of respondents identified regulatory issues as obstacles to the mass adoption of digital currencies, as well as the issue of security.
So, will cryptocurrencies replace fiat money? The dominance of digital currencies seems to be less of a question of whether it will happen, but more of a question of when it will happen. Financial services need to rethink their usefulness, but also find innovative ways to adapt to new data, if they wish to be competitive. There can be real opportunities in the global financial markets for participants who are open to exploring the possibilities of blockchain and digital currencies.