Cash will be a thing of the past. Financial experts predict the beginning of the cryptocurrency era

The world of cryptocurrencies has undergone major upheavals in recent months, causing further fluctuations in the prices of even the largest virtual currency. And although there were a number of negative reports, the weight of the cryptocurrencies did not deteriorate, according to experts.

These are cryptocurrencies that can bury traditional cash for several years, but the banks themselves may not be ready for that, the portal pointed out. Interesting Engineering.

Cryptocurrencies will change the financial system within 10 years

According to experts, digital assets should disrupt the entire financial market and any organization that is a customer of financial services. We seem to be facing a fundamental change, in all areas, from financial instruments to stocks and any type of transaction. At least that’s what the experts of the consulting company Deloitte say, which recently published an interesting one research.

According to this company, cryptocurrencies could replace fiat money from the age of 5 to 10. A sample of 1280 respondents took part in the survey, but not all of them could be acquainted with more professional terms from the world of cryptocurrencies, which could slightly skew the result.

Nevertheless, 76% of respondents strongly believed that digital assets would be an alternative to or a substitute for fiat money within 10 years. According to Deloitte, many financial leaders see digital assets as the future. Thus, if this report were at least half correct, it would mean that companies that are not preparing for the future with digital assets could later face financial problems.

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But it will not be easy. The survey also highlighted a number of obstacles to the transition to cryptomen. Such problems include, for example, regulators, security concerns, legislative processes or even the financial infrastructure itself, or concerns about the acceptance of digital assets by the general public. 47% of survey respondents see concern in the last hurdle.

The first case of acceptance of cryptocurrency as official currency has already appeared in the world. This bold step was taken by El Salvador, where the largest cryptocurrency has become legal. Many experts also see great potential in bitcoin, which is to be caused by 2050, according to a July survey of the platform. Finder.com so-called “Hyperbitcoinization”, where bitcoin overcomes fiat money issued by banks.

Bitcoin is also supposed to replace gold

As many as 54% of respondents think that hyperbitcoinization, the moment when bitcoin and transactions in its network become the dominant form of global finance, will come at least by 2050, while one respondent says that it will happen much later and 44% of experts he does not expect it to ever happen. We have provided more details from this survey in a separate article.

Some experts are so brave in their predictions that they see bitcoin as a future substitute for gold. One, if not the most useful, use of cryptocurrencies, however, is the DeFi system, or decentralized finance, which are still relatively unknown to the general public.

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According to the expert, this system can replace the traditional financial system in the future. Pavel Přecechtěl in his statement in an interview for FonTech.sk predicts a similar change in the financial system as a result of the Deloitte survey.

“I personally bet everything that DeFi will replace the current financial system. All the applications that can be seen in DeFi today are only 5% of what we will actually use in DeFi in 5 to 10 years, ” Pavel Přecechtěl spoke for our editorial office.