While we’re not ready to hype classic REM 80s hit “It’s the End of the World As We Know It”, there are some early warning signs that we may be nearing the end of the physical currency as we know it.
According to Deloitte Global Blockchain Survey 2021 out of more than 1,200 executives across multiple industries, including the financial services industry (FSI), 76% of FSI respondents agreed that we will stop using physical cash within 10 years. Instead, they predict that we will use blockchain and various forms of digital currency.
Additionally, 73% of ISP executives surveyed said they would be at a competitive disadvantage if this industry did not start adopting blockchain and digital assets. In case you were curious, the two largest blockchain-based digital assets by market capitalization are currently Bitcoin and Ethereum, respectively.
“The 2021 Deloitte Global Blockchain Survey shows that the fundamentals of banking have fundamentally survived and that players in the financial services industry need to redefine themselves and find innovative ways to create economic growth in the future of money. “said Linda Pawczuk, Principal, Deloitte Consulting, and Global and US Blockchain and Digital Assets Leader, in a press release.
An example of this disconnect between the ISP and the growing use of programmable money is Twitter’s recent announcement that it will now offer “Tip” Bitcoin for its users. This seemingly innocuous social media development is likely to be very disruptive for the ISP in the short and long term.
Although not the greatest social networks platform by any measure, Twitter has over 360 million monthly active users. Many of these users are global influencers with large followings. Thanks to its network effect, it’s reasonable to expect fairly rapid adoption among influencers and their followers of Twitter’s free service to instantly share and send programmable money anywhere in the world.
An accelerated spread of Bitcoin adoption will be a direct result of these free, Twitter-enabled digital payments on its platform, simultaneously accelerating the fall of physical fiat.
“As the disruption of digital assets rapidly changes the market, global financial services are striving to reinvent themselves, building businesses to generate new revenue streams,” said Richard Walker, Principal, Deloitte Consulting and Blockchain Leader of the financial services industry in the United States, in a press release. . “Opportunities for real change in several areas of global financial markets exist for players exploring new ways to harness the power of blockchain technology and digital assets to reinvent their business models. »
If these ways of “reimagining” FSI’s tired business model don’t begin soon, their inertial recession into uselessness is all but assured. It’s almost as if you can hear REM frontman Michael Stipe warming up his voice for one final FSI encore.
Buy and sell cryptocurrencies on an expert-selected exchange
There are hundreds of platforms around the world waiting to give you access to thousands of cryptocurrencies. And to find the right one for you, you’ll need to decide which features appeal to you the most.
For help youyou startedour independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Consult the list heD and start your crypto journey, today.
Tor Constantino holds holdings of Bitcoin, Ethereum, Cardano, and XRP.
We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. Ally is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool owns stocks and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.