Cryptocurrency and other digital assets are expected to rival or displace fiat currencies within the next decade, according to Deloitte’s 2021 Global Blockchain Survey.
- More than three quarters of the 1,280 executives and practitioners surveyed by Deloitte, the global consulting, tax services and auditing firm, think that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.”
- The survey, conducted between March 24 and April 10 this year, surveyed finance professionals from Brazil, China, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States.
- Digital assets are now a strategic priority for many companies as almost three-quarters of executives surveyed thought their businesses should adopt blockchain and digital assets and would lose a competitive advantage if they do not adopt the technology.
- Existing financial infrastructure and cybersecurity are considered among the biggest obstacles to the acceptance of digital assets. As for central bank digital currencies, custody, tax and legal implementation are the greatest concern.
- Broader applications of crypto are expected by the repondents. Roughly 45% of those surveyed said their businesses may eventually adopt crypto as a payment option, tokenize their assets, or believe crypto would allow them access to decentralized finance (DeFi).
- Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is one of the “Big Four” accounting firms along with KPMG, EY and PwC. It has conducted blockchain surveys for the last four years. Its 2021 survey is the first to explicitly cover the commercial activities enabled by blockchain.