Cryptocurrencies or the decentralized monetary system has not been eyed very eagerly among the conventional financial setup of the world. Because it poses a serious threat to its integrity and consistency, people are too attached to the idea of fiat currency that they can never understand nor begin to contemplate a future where digital payments are the way to go.
These are some of the most initial misconceptions that were spun around when the idea of cryptocurrencies came around. People were either too over the edge on the subject or didn’t issue any importance. Maybe they thought cryptocurrencies are the latest tech bubble and would soon collapse.
Almost half of the world acknowledges their existence and the general help these will be able to provide in renovating the world’s financial outreach.
Crypto Adoption is Reality
If you are too thinking the same, then you are not alone; according to a survey conducted on the relevancy of cryptocurrencies and their importance among the top financial executives, 73% of them fear that they might be left behind in the financial race if they don’t do anything to incorporate cryptocurrencies into their business. 76% believe that cryptocurrencies will be able to partially or completely replace fiat currencies in a period of next 5-10 years.
The data of the survey reflects the chief executives from all around the world, including the US, UK, China, Brazil, Japan, South Africa, Singapore, and even Germany. That is why it is not a centralized thought that is only dominant in the US; it has a global approach with the top management from all these nations agreeing that cryptocurrencies are, in fact, the next best thing, and their existence and adoption can’t be ignored for long.
Almost 73% of these agreed that blockchain adoption should be brought into perspective if organizations want to remain competitive in the future, and almost all of them believe that the end of the paper currency is near and that crypto will be the go-to digital currency of the people.