As per a new survey of finance industry executives by Deloitte, digital assets are on their way to replace fiat currencies in the next 5-10 years, and banks should take notice of the fact.
“Deloitte’s 2021 Global Blockchain Survey affirms that banks should embrace their inevitable digital future,” the report reads. “In a seismic shift, financial leaders increasingly see digital assets as the future.”
Digital asset revolution on horizon
Around 76 percent of respondents said they think “digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.” The report is a testament that the digital asset revolution is in the offing and will be soon upon us. And, people who do not follow the trend might risk losing out on profits.
With time, more and more money is being permanently stored in the form of digital assets, resulting in both institutions and investors exploring ways to adopt new ways to do so. The report suggests that changes are on the horizon, whether the industry is ready or not.
“Participation in the age of digital assets is not an option, it is inevitable,” the report concludes. “Leaders are left only to decide how to use digital assets and the new global financial service infrastructure to their greatest advantage.”
AI in crypto trading
As of now, the total market cap of cryptocurrencies is US$1,746,285,217,570. However, this is a result of the currency’s volatile nature. These digital assets witness huge fluctuation in a short period. With time, investors have understood this pattern and realized that huge profits can be made by investing in cryptocurrencies. But to make smart investments, predicting the right price is very imperative.
That’s where AI comes into act. To predict the prices of digital currencies is too heavy a task for a human brain. Unlike stock, crypto values aren’t dependent on factors such as cash flow or asset availability. Trading for crypto can be done anytime on any given day, which means there’s a lot of data for an AI to analyze to predict the prices. Using artificial intelligence for crypto trading is reliable as it tones down the risk of human error.
