It’s not just traders who are excited about 2022 and what all of this year could mean for the development of cryptocurrencies. In addition to them, key stakeholders from the finance and technology sectors are also bracing for changes as blockchain becomes part of the new normal.
A survey by FTI Consulting, Inc. involved 150 decision-makers in the US in financial firms in this very position, to better understand their prospects. At least the data sheds some light.
Play with big numbers
The FTI survey revealed that financial decision makers are scrutinizing blockchain investments. Furthermore, an average of $176.4 million is spent by companies on technology each year. Plus, the majority also plan to spend more on blockchain technology and cryptocurrencies in the coming year.
Regarding banks and other financial institutions, 92% of survey respondents feel these institutions will “fully adopt blockchain technology in the next three years.”
That’s all well and good, but how long before blockchain technology can affect a job closer to you? According to the survey,
“Nearly 70% of decision-makers surveyed said they expect blockchain to create a fundamental or high degree of change in their business today, and 79% expect this to happen. within the next 10 years.”
However, openness to blockchain investment does not mean that decision makers are in favor of full decentralization. In contrast, 90% of respondents feel that regulation is a must, to avoid risks.
That said, the survey also explores the scarcity of crypto education. Worryingly, more than 80% of survey respondents admitted that it is difficult for customers to tell the difference between cryptocurrency and blockchain.
Naturally, a reader perusing the FTI report might wonder how much it really applies to their own lives. It’s important to note that even though the survey spoke to decision makers who were actually looking at cryptocurrencies — as opposed to financial giants that were completely anti-tech — 68 % still feel that the crypto industry is “overhyped.”
Morocco is on the move
Going back to the predictions of the FTI survey of banks and crypto adoption, Morocco is a case in point. According to local news reports, the North African nation’s largest banking institution, Attijariwafa Bank, has partnered with San Francisco-based Ripple, to join their RippleNet network for remittances based on San Francisco. on blockchain.
This development is an example of how banks even outside the traditional tech hubs of the Global North are poised to explore fintech solutions. Such a trend could spur competition among financial firms worldwide.