Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion

Bitcoin and cryptocurrencies have roared back over the last month after a China and Elon Musk-induced sell-off. The bitcoin price last night broke above $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 crypto market value climb to over $2.1 trillion, up from $1.1 trillion in July.

A study of primarily finance professionals conducted before of the latest bitcoin and crypto price spike found that the majority believe bitcoin and digital assets would replace fiat currencies like the US dollar over the next five to ten years, a shift described as "seismic."

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"We uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets," Deloitte consultants led by Linda Pawczuk wrote alongside a report that found 76 percent of finance professionals believe bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next fiat

A large majority (81%) of the nearly 1,300 CEOs polled believe blockchain, the technology that underpins bitcoin and cryptocurrencies, is widely scalable and has already gained general acceptance. Meanwhile, 73 percent of respondents believe their organization should use crypto and blockchain technology or risk losing a competitive advantage. In a statement released alongside the report, Pawczuk, who leads Deloitte's global blockchain and digital assets practice, said, "The foundation of banking has been fundamentally outlived, and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money." As central banks throughout the world experiment with blockchain-based central bank digital currencies, Wall Street firms from Goldman Sachs GS +1.4 percent to JPMorgan JPM +1.3 percent have began rolling out bitcoin and crypto services to their clients this year (CBDCs).

China has already begun real-world trials of its digital yuan, while European and North American governments fire first salvos into CBDCs. In September, the Federal Reserve will release a much-anticipated report on CBDCs, which could shed light on what a future digital dollar would look like.

Meanwhile, social media behemoths Facebook TWTR +2.6 percent and Twitter TWTR +2.6 percent have turned their attention to bitcoin and crypto, with Facebook attempting to establish its own blockchain-based cryptocurrency, diem, and Twitter CEO Jack Dorsey focusing on bitcoin development. The Deloitte report stated, "The future is unfolding right now." "In the age of digital assets, participation is not an option—it is a requirement."


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