By
Steve Muchoki
April 19th, 2024
Premier digital currency Bitcoin (BTC) is seeing a mild resistance at the $50,000, after the coin hit a 90-day high of $50,482.08 a day ago.
Bitcoin as well as the entirety of the cryptocurrency ecosystem suffered a major plunge in price and valuation as regulations from China sent Fear, Uncertainty and Doubt (FUD) into the industry.
The global crypto industry is seeing a gradual recovery already with Bitcoin up to $49,362.07, down 1.68% at the time of writing. Ethereum (ETH), is changing hands $3,313.50 after inching a slight gain of 0.52% in the past 24 hours. Cardano (ADA) has also been seeing a massive boost in the past days, currently trading at $2.87 atop a gain of 1.57%.
From the current gain in the markets, the global crypto market cap has topped $2.15 trillion, a level it has not touched since the FUD set in around May.
FSI Executives Sees Bitcoin and Digital Assets as the Future
In a recent survey of 1,280 senior executives and participants in the Financial Services Industry (FSI), it was observed that many consider digital assets like Bitcoin as vital for the future of the financial services sector.
Per the survey, about 81% of all respondents accept that blockchain technology is notably scalable and has attained mainstream adoption.
“We uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets,” consultants led by Linda Pawczuk at the Big 4 accountancy firm Deloitte said in the report.
According to the researchers, an additional 76% of finance professionals were profiled to believe that bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years. About 78% of business executives also noted that there is a compelling business case for the use of blockchain, digital currencies within their companies.
“The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money,” Pawczuk, who heads up Deloitte’s global blockchain and digital assets practice, said in a statement alongside the report.
The survey also shows that a sizeable number of the profiled business executives believe their firms may lose their competitive advantage if they fail to adopt blockchain or any of its attendant innovations. The Deloitte orchestrated report argued that the era of physical cash is gradually unwinding and that the advent of digital currencies will come to dominate in the coming decade.
Besides the dominance of privately issued cryptocurrencies, Central Banks around the world are also developing various forms of digital monies. Typical examples include the Bahamian Sand Dollar which was launched back in October 2020. China is also in the advanced trial stages of its digital Yuan development. In all, the importance of all forms of money is indisputable, and as such, their likely growth in valuation over time.