Deloitte report on cryptocurrency

This year alone, the number of reports released on cryptocurrency is outrageous. Organisations are conducting reports to further figure out the cryptocurrency market and encourage crypto education. These reports include information on past events, current situations and issues, and possible futures for the cryptocurrency market. This helps increase cryptocurrency literacy and helps prepare people for a decentralised world. 

One of the most recent reports is by Deloitte. The report focuses on how businesses will adopt cryptocurrency in the future. The organisation concluded that 75% of businesses involved in research are considering incorporating cryptocurrency. The research was on 2000 senior executives from many markets. This included executives from fields such as: 

• Cosmetics
• Fashion
• Transportation
• Electronics
• Entertainment
• Food
• Beverages.

The executives helped shed some light on the situation. From the executives, the conclusion was that 75% of retailers are considering adopting crypto payments. Some of them have already implemented the necessary structure required for the adoption. The report also states that 75 % expect to incorporate crypto payment or plan it in the next two years. This is a short time for such huge changes to happen, which is why some brands started making announcements to make this happen sooner. 

Companies that added crypto as a payment option

Companies that have announced adding crypto payment as a payment option include companies such: 

• Starbucks
• Tesla
• Lamborghini
• Gucci
• McDonald’s.

These companies may be the key to helping decentralise the economy and how people handle their money. From the list of fields where the 2000 senior executives are from, these are companies where people use their products daily. People will be able to pay for their daily expenses using cryptocurrency. When this is done, it will have a huge boost in cryptocurrency adoption and use. 

What will make crypto acceptable for payments?

The executives gave some ideas on how they would progress on accepting crypto. Many would consider accepting stablecoins as the main token for the services. The reason for using stablecoins is that they are not prone to fluctuating markets. The coins remain the same value as the commodity or the currency used to back the coin. This is also a good solution since the business will be able to know how to price its goods and services. With the introduction of cryptocurrency, companies will have to change how they operate their finances. A good example is that a $20 commodity will cost a buyer 20 Tether coins(USDT). To sum up, the barriers include; the first is changing the financial structure of their organisation. The second is security. They will have to improve their digital security to avoid hacks that lead to loss of money. They also state that more crypto regulations from the governments are necessary to help them adopt cryptocurrency as a payment method.