Bitcoin, Ethereum, BNB, Cardano, XRP Could Replace Dollar In Just Five Years As Crypto Market Price Adds $ 1,000 Billion

Bitcoin and cryptocurrencies have roared over the past month after an induced sell off by China and Elon Musk.

Last night, the price of bitcoin exceeded $ 50,000 per bitcoin for the first time since May. Meanwhile, double-digit gains among other major cryptocurrencies, including Ethereum, Binance’s BNB, Cardano, and Ripple’s XRP, helped the combined value of the crypto market rise to over $ 2.1 trillion. dollars, up from $ 1.1 trillion in July.

Ahead of the latest bitcoin and crypto price spike, a survey conducted primarily of banking executives found that most believed bitcoin and digital assets could replace fiat currencies like the US dollar in the next five to ten. years, a change described as “seismic”.

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“We have uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets,” consultants led by Linda Pawczuk of accounting firm Deloitte wrote alongside a report that has revealed that 76% of finance professionals believe bitcoin and crypto could serve as an alternative or replacement to fiat currencies over the next five to ten years.

A strong majority (81%) of the nearly 1,300 executives surveyed believe that blockchain, the technology behind bitcoin and cryptocurrencies, is largely scalable and has already been adopted by the general public. Meanwhile, 73% believe their business should embrace crypto and blockchain or risk losing their competitive edge.

“The foundation of banking has been fundamentally overtaken and players in the financial services industry need to redefine themselves and find innovative ways to create economic growth in the future of money,” said Pawczuk, who leads the global practice. blockchain and digital assets from Deloitte, in a statement alongside the report.

This year Goldman Sachs Wall Street banks

SG
at JPMorgan

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have started rolling out bitcoin and crypto services to their customers as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs).

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China has already started real-world trials of its digital yuan, while countries in Europe and North America are turning the first bursts into CBDCs. A much-anticipated Federal Reserve report on CBDCs is due out in September and could shed light on what a future digital dollar might look like.

Elsewhere, the giants of social networks Facebook and Twitter

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began to turn to bitcoin and crypto, with Facebook attempting to create its own blockchain-based cryptocurrency, diem, and Twitter CEO Jack Dorsey focused on bitcoin development.

“The future is happening right now,” reads the Deloitte report. “Participation in the age of digital assets is not an option, it is inevitable.”

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