The vast majority of banking executives believe that Bitcoin and altcoins are broadly scalable and have achieved widespread adoption.
After a severe decline in May 2021, cryptocurrencies made a significant rebound. In just July 2021, the cryptocurrency market capitalization increased by a trillion dollars.
Bitcoin is leading the second phase of the bull run, with its price once again above $50,000. Altcoins such as Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Ripple (XRP) have raced to the top alongside Bitcoin, raising speculation about “Hyperbitcoinization” among traders and the crypto community.
According to a study of primarily finance professionals, the majority believe that Bitcoin and digital assets such as Ether, BNB, ADA, and XRP have the potential to replace fiat currencies such as the US dollar within the next five to 10 years. The change is referred to as “seismic.”
Deloitte Global Cloud leader Linda Pawczuk says:” We uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets.”
According to a recent Deloitte report, 76 percent of finance professionals believe Bitcoin and crypto will be a replacement for fiat currencies within the next five to 10 years. The report goes on to say:” The future is happening right now; participation in the age of digital assets is not an option; it is inevitable”
In contrast to the optimistic perspective of the banking executives interviewed by Deloitte, Greece’s former finance minister, Yanis Varoufakis, stated, “Given its fixed supply and given the fact that there is no democratic mechanism to determine who gets [what] and how many Bitcoins, it creates a kind of feudalism run by the early adopters of Bitcoin. Central bank cryptocurrencies, digital money is the way to go. That would kill more than two birds with one stone.”
Varoufakis’ views are similar to those of the International Monetary Fund (IMF); nonetheless, recent developments and polls have shown that banking executives have acknowledged the coming of “Hyperbitcoinization” and are waiting for their organisations to embrace it.