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Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion

Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
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Bitcoin and cryptocurrencies are back on the rise again over the past month after a sell-off from China and Elon Musk.

Bitcoin price last night broke above $50,000 per bitcoin for the first time since May. Meanwhile, double-digit gains among other major cryptocurrencies — including Ethereum, Binance’s BNB, Cardano, and Ripple’s XRP — helped drive the combined cryptocurrency market cap to more than $2.1 trillion, up from $1.1 trillion in July.

Ahead of the recent surge in bitcoin and cryptocurrency prices, a survey of most bank executives found that most believed that bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years — a shift that has been described as “earthquake.” .

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Consultants led by Linda Pawczuk at accounting firm Deloitte wrote along with a report that found that 76% of financial professionals believe that bitcoin and cryptocurrencies can serve as an alternative or alternative to fiat currencies in the next five to 10 years.

The vast majority (81%) of the 1,300 CEOs questioned believe that blockchain, the technology that underpins bitcoin and cryptocurrencies, is scalable at scale and has already achieved mainstream adoption. Meanwhile, 73% believe their companies should embrace crypto and blockchain or risk losing their competitive advantage.

“It has been a long time since basic banking was established, and players in the financial services industry must redefine themselves and find innovative ways to achieve economic growth in the future of money,” Pawczuk, who heads Deloitte’s global practice of blockchain and digital assets, said in a statement alongside him. . the report.

This year, Wall Street banks from Goldman Sachs

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to JPMorgan

JPM
They have started offering bitcoin and crypto services to their clients as central banks around the world are testing blockchain-based central bank digital currencies (CBDCs).

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China has already begun real-world trials of its own digital yuan, while countries across Europe and North America are converting cryptocurrencies into primary digital currencies early on. The Federal Reserve’s highly anticipated report on central bank digital currencies is due out in September and could shed light on what the digital dollar might look like in the future.

Elsewhere, social media giant Facebook and Twitter

TWTR
We started researching bitcoin and cryptocurrency, with Facebook trying to build its own blockchain-based digital currency, diem, and Twitter CEO Jack Dorsey focusing on bitcoin development.

“The future is happening now,” Deloitte reports. “Participation in the age of digital assets is not an option – it is an imperative.”

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