Cryptocurrency
Deutsche Bank says crypto could replace cash by 2030 as fiat system looks ‘fragile’
As reported by The Block, “Cryptocurrencies have the potential to eventually replace cash, according to new research from financial services giant Deutsche Bank. “In the ‘Imagine 2030‘ research report, Germany-headquartered Deutsche Bank said cryptocurrencies may have been ‘additions’ rather than ‘substitutes’ in the finance world thus far, but the next decade could change that as […]
As reported by The Block, “Cryptocurrencies have the potential to eventually replace cash, according to new research from financial services giant Deutsche Bank.
“In the ‘Imagine 2030‘ research report, Germany-headquartered Deutsche Bank said cryptocurrencies may have been ‘additions’ rather than ‘substitutes’ in the finance world thus far, but the next decade could change that as regulatory hurdles get past.
“’If one of the GAFA (or their Chinese counterparts BATX ) for example are able to overcome regulatory hurdles…this would broaden the appeal of cryptocurrencies, hasten their adoption, and give them the potential to eventually replace cash,’ per the report, which is led by Jim Reid, global head of fundamental credit strategy and thematic research at Deutsche Bank.
“The current fiat system looks ‘fragile,’ particularly because of ‘decades of low labor costs’ and inflation. Over the next decade, things could change and ‘demand for alternative currencies, from gold to crypto, could take off,’ according to the report.
“Benefits of cryptocurrencies such as security, speed, minimal transaction fees, ease of storage and ‘relevance in the digital era’ could help drive mass adoption in the years to come, it added…”