Most financial professionals suppose that cryptocurrencies will fully replace fiat money. First of all, digital versions of national currencies will replace cash and later other digital assets will enter the competition.
A survey conducted by the international audit company, Deloitee, unveiled that 76% of financial services companies believe that "digital assets would be a strong alternative or replace fiat in the next five to 10 years." Even now, the financial services sector has to use cryptocurrencies, digital assets, and blockchains to meet the existing demands. Central bank digital currencies, or CBDCs, are likely to boost the popularity and development of crypto assets.
Experts at Deloitte emphasize that "the flow of funds into digital assets is increasing, as institutions and investors become more interested in them as a store of value." Analysts also noted that "there was huge growth in new business models around crypto, reflecting a shift in the financial industry." According to the authors of the report, "companies are looking at how to change their traditional products to be ready for their customers' future needs."
"Opportunities for real change in several areas of the global financial markets exist for those players that explore new ways to harness the power of blockchain technology and digital assets to reimagine their business models," Richard Walker, Deloitte's US financial-services industry blockchain leader, said in a statement.
