A recent survey has shown that 76% of financial institutions will adopt cryptocurrencies. The survey result has shown that it will be in the next three years that this particular claim will be fulfilled.
76% of Financial Institutions Up for Cryptocurrencies
Ripple had recently carried out a survey where it asked financial institutions about the global expansion/adoption of cryptocurrencies.
The results from the survey were quite astonishing as over three-quarters of the financial institutions voted in favor of cryptocurrencies.
As per over three-quarters of the participating institutional firms, they expect that they would start accepting/adopting cryptocurrencies in the next three years.
Crypto-Blockchain Adoption is Inevitable
As the crypto-blockchain sector has continued expanding, many financial institutions have tried denying the growth of the technology.
They have tried their best to avoid the adoption of crypto-blockchain technology. However, crypto-blockchain technology has proven to be very attractive for commoners.
Therefore, people find it very convenient and advantageous to adopt cryptocurrencies. Over time, they have grown used to crypto-blockchain technology and its protocol.
People have even started demanding their financial service providers offer and facilitate them in cryptocurrencies. As a result, most financial institutions have started to realize the importance of adopting cryptocurrencies.
The financial institutions have realized that it is inevitable for them to avoid cryptocurrencies. Sooner or later, they will have to start accepting cryptocurrencies if they want to stay up-to-date with their consumers’ demands.
Now, financial institutions and enterprises are opening their doors to cryptocurrency and blockchain technology. The recent survey results are very proof of the mass adoption that the crypto-verse may witness in the upcoming years.
Benefit of Cryptocurrencies
The survey results have shown that out of the total financial institutions, 42% are of the view that people gain access to more financial options through cryptocurrencies.
There are 41% of the total enterprises who are of the same view that cryptocurrencies grant more financial options to the users.
The majority of the experienced investors have been adopting cryptocurrencies for hedging versus the growing inflation rates. They are getting many options for making investments, which is very convenient for them.
In addition to the above, the major traction for the investors is the quality and security of data. It is due to these benefits that investors are eager to gain exposure in these markets.
Therefore, the institutions will need to do the same and adopt cryptocurrencies to gain success.
The majority of the institutions who participated in the survey also confirmed that the three-year period is to ensure that the crypto-regulations are put into place.
They want to ensure that everything is in order and cryptocurrencies are fully regulated before they can start adopting and accepting cryptocurrencies.