76% Believe Crypto Will Replace Fiat Currency Within 10 Years, Survey Reveals

August 24, 2021, 10:30 AM AEST (updated August 25, 2021)

The 2021 Global Blockchain Survey, conducted by multinational accounting firm Deloitte, has revealed that 76 percent of people believe crypto will be a strong alternative to, or outright replace, fiat money within the next decade.

Deloitte surveyed more than 1,280 finance professionals from Brazil, China, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the UK and the US. The surveys were conducted between ​​March 24 and April 10 at the height of the recent surge in the crypto market.

Table from Deloitte report about the future of digital assets.

Mainstream Adoption

Fully 81% of finance professionals surveyed agreed that the technology is “broadly scalable and has achieved mainstream adoption”. This was certainly reflected in the Chainalysis report last week that highlighted a meteoric 880 percent rise in crypto adoption in the past year. According to yet another survey, conducted by Fidelity Digital Assets last month, 70 percent of institutional investors have plans to buy crypto in the near term.

Obstacles to Global Acceptance and Use

But it’s not all rainbows and lollipops. Many finance professionals also highlighted a number of major obstacles that need to be overcome before there is global acceptance and use of digital assets. For example, 71 percent had concerns about the cybersecurity of digital assets; 63 percent were worried about regulatory barriers; 62 percent raised concerns about financial infrastructure; and 59 percent were worried about the privacy of digital assets.

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