Bitcoin and cryptocurrencies have been roaring again for the past month after a sale induced by China and Elon Musk.
The price of bitcoin last night topped $ 50,000 per bitcoin for the first time since May. Meanwhile, double-digit gains among other major cryptocurrencies, including Ethereum, Binance’s BNB, Cardano’s and Ripple’s XRP, helped the combined value of the cryptocurrency market rise to more than $ 2.1 trillion, from 1, $ 1 trillion in July.
Before the rise in the prices of bitcoins and cryptocurrencies, most bank executives found that most believe that digital and bitcoin assets could replace fiat currencies such as the US dollar in the next five to ten years, a change described as “seismic”.
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The price of bitcoin has risen this year, with other major cryptocurrencies included … [+]
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“We discovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets,” Linda Pawczuk-led consultants wrote to accounting firm Deloitte along with a report that found that 76% of finance professionals think bitcoin and cryptocurrency could serve as an alternative or substitute for fiat currencies in the next five to ten years.
A strong majority (81%) of the nearly 1,300 executives surveyed think that blockchain, the technology that underpins bitcoin and cryptocurrencies, is widely scalable and has already achieved widespread adoption. Meanwhile, 73% believe their company should adopt cryptography and blockchain or risk losing competitive advantages.
“The banking base has fundamentally survived and agents 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 of blockchain and Deloitte’s digital assets in a statement next to the report.
This year, the Wall Street banks of Goldman Sachs
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The price of bitcoin has increased by 300% over the last twelve months, which has led to a market capitalization of … [+]
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China has already begun real testing of its digital yuan, while countries in Europe and North America are making early bailouts at CBDC. A long-awaited Federal Reserve report on the CBDC is due to be released in September and could shed light on what a future digital dollar might look like.
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“The future is happening right now,” the Deloitte report said. “Participation in the age of digital assets is not an option: it is inevitable.”