Cryptocurrencies have bounced back over the last month. Earlier this week, the price of bitcoin broke above $50,000 for the first time since May. Others are experiencing double-digit gains too—ethereum, Binance’s BNB, cardano, and Ripple’s XRP. Combined, the crypto market’s value topped $2.1 trillion, up from $1.1 trillion in July.
Shortly before the crypto market’s recent resurgence, a poll found that most banking executives find that bitcoin and other digital currencies could replace fiat currencies like the US dollar within the next five years. The shift was described as “seismic.”
“We uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets,” consultants led by Linda Pawczuk at the accountancy company Deloitte wrote alongside a report that found 76% of finance professionals think bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years.
A significant 81% of the executives polled believe blockchain technology is widely scalable and has already entered the mainstream.
“The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money,” Pawczuk said in a statement.
Wall Street started embracing bitcoin and crypto, with giants like Goldman Sachs and JPMorgan introducing cryptocurrency services to their clients earlier this year.