The End for Fiat Currencies is Coming
Cryptocurrency has always been a hard concept to sell to the executives of the finance world with many key figures having drastically varying opinions on its validity. But it seems that something has changed, a small shift has taken place, and whilst they may not be ready to welcome it with open arms, they are at least acknowledging that the future is for crypto.
A new report by Greenwich Associates has indicated that as much as 70% of finance executives believe that cryptocurrency is not going anywhere, anytime soon. These positive change in attitude is welcome news at a time when the crypto industry is passing through a crucial time.
Wary of cryptocurrencies
As recently as a year ago, it seemed almost impossible that any financial executives were ever likely to consider Bitcoin in a positive light. Coins have been shunned by experts for a long time but this did nothing to stop the meteoric rise and widespread adoption of BTC and other coins. The report shows that even if executives aren’t convinced about digital money per se, they are interested in the technology that underpins it – an important step towards creating a viable and working ecosystem.
It seems that rather than outright dismissing cryptocurrency, executives in the finance sector are interested in exploring the new opportunities that it presents, with some even going as far as saying that crypto “is here to stay”.
Still a number of concerns
A total of 141 executives took part in the Greenwich Report and whilst the sample size may be small, the way of thinking behind it cannot be ignored. There are still a number of concerns around regulation of the sector, particularly in the US where the government is yet to take a stand on matters one way or the other, but this is expected to change in due course.
Other key findings of the report include several predicted areas of key growth including ETFs and making cryptocurrencies more accessible to banking institutions. Whilst neither of these things are in place at the moment, they are expected to be introduced within the next 12 months.
In particular, the possibility of a Bitcoin ETF will pay a huge part in the popularity of crypto both with members of the public and banks. So far the SEC has rejected all BTC ETF applications citing lack of regulation and market volatility as reasons behind its decision.
Another interesting development is the gradual increase in the offering of stablecoins. Financial execs have expressed a keen interest in this type of coins. The coins by Gemini and Paxos are a big step forward in this area, and such changes signal a greater industry shift and a sign of progress.