The leading cryptocurrency Bitcoin (BTC) is showing a fluctuating chart on the new day. BTC, which started the day with an increase, rose to $ 39,900 in this process. The leading cryptocurrency, which declined in the following hours, fell to $ 38,100. Deloitte, one of the world’s largest accounting companies, has published an important research report on crypto assets. The report stated that Bitcoin gives clues towards the development of central bank digital currencies (CBDC) and traditional fiat currencies.
Although Bitcoin has not had a very positive start to 2022, it continues to maintain its popularity. With the increasing adoption and institutional interest, it is observed that giant companies have started to carry out important studies for Bitcoin. Finally, financial transactions giant Deloitte has published a remarkable report on crypto assets.
The report titled “Government-Backed Cryptocurrencies: Adapting Bitcoin Innovation to the Ecosystem of Payment Systems” from Deloitte, one of the 4 largest accounting firms in the world, showed how the leading cryptocurrency can help develop both CBDC and traditional payment methods. Bitcoin Stands Out for Speed and Security
The report stressed the need to redesign the traditional fiat currency system, which is slow, error-prone and expensive compared to performance in other high-tech products. However, the main points where Bitcoin can help the traditional fiat currency to develop greatly have been listed. According to Deloitte analysts, speed, security, efficiency, cross-border payments and collaboration with other participants are the highlights of Bitcoin:
“Bitcoin could create a number of new opportunities that will ultimately transform the current payment system into one that is faster, more secure, and less costly.”
Deloitte analysts have also made important determinations about CBDCs, which can be seen as a transition between Bitcoin and fiat currencies. The report stated that the state, which first implemented the central bank digital currencies (CBDC) system throughout the country, would have a great advantage over the others. Analysts nevertheless pointed out that the CBDC is controlled by governments and is inflationary. KPMG Added to Balance Sheets
Many financial institutions have recently published remarkable reports on Bitcoin, such as Deloitte. However, in the same period, there were also organizations that saw Bitcoin as an investment tool and made purchases. KPMG, one of Deloitte’s biggest competitors, joined the ranks of organizations that added Bitcoin to its balance sheet last month. KPMG’s Canadian arm announced in a press release that it bought Ethereum along with Bitcoin. It was announced that Gemini Trust was helping KPMG to purchase and store Bitcoin and Ethereum. Benjie Thomas, one of the Canadian managers of the company, made the following statements about crypto assets:
“Crypto assets are a maturing asset class. This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.”
Banks Increase Their Interest in the Sector
Banking institutions also announced that they would take a positive approach to crypto assets in this process. Finally, Troy Rohrbaugh, Global Markets Chairman of US-based multinational investment bank JP Morgan, announced that the banking giant will go after its customers when it comes to cryptocurrencies:
“We plan to work together with all of our customers, especially our asset manager customers. Getting some clarity on the regulation will help.”
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