Deutsche Bank has made a startling claim regarding the large scale adoption of digital currencies and believes the coming years will remain crucial for them in terms of their growing popularity and acceptability.
Recently, a fresh report by the leading bank has been published about the surging popularity of digital currencies amid facts that they barely came into existence 10 years ago. And, in such a small period, the currencies have already displayed vast potential to fundamentally alter the payments, central banking, banking and balance of economic power.
According to the report,
We believe a new digital currency could become mainstream within the next two years.
Meanwhile, China’s key digital yuan initiative and Facebook’s Libra project are likely to be launched in 2020.
Deutsche Bank AG is a leading German multinational investment bank and financial services company. The bank is headquartered in Frankfurt, Germany. In terms of total assets, Deutsche Bank has already become the world’s 17th largest bank. It has already spread its operations in 58 countries all over the globe.
If the current adoption rate is to be considered, cryptocurrencies are already running parallel to the internet during its initial years, added the report. And, if the trend continues to persist in the years to come, there should be over 200 million blockchain wallets by the year 2030 from 50 million in 2020.
The latest report is the third in Deutsche Bank’s series that has been assessing the upcoming landscape for payments. The bank’s first report highlighted several existing cryptocurrencies, like bitcoin, that are grappling with volatility issues and cannot be used in its current form as a feasible mode of payment or even as a store of value. Meanwhile, the second report showcased the integral advantages of cash and how it will be used as a mode of payment method for yet another decade.
In the latest report by the bank, several such sentiments have been highlighted. But, at the same time, researchers also emphasized the fact that digital currencies may combine the convenience of electronic payment along with the privacy of cash payments.