When every second research organization has started accepting the role and potential of digital currencies, it was just a matter of time that PwC or PricewaterhouseCoopers comes up with its own research paper. In a latest research the organization claims that cryptocurrencies such as Bitcoin will usher in a new wave of ‘technology-driven markets.’
In the 17-page primer the market research organization claims that it is no longer a question of if cryptocurrencies will transform financial services, but when and how. The report came to public when PwC published its report and claimed:
Cryptocurrencies have the potential to disrupt conventional market strategies, longstanding business practices, and established regulatory perspectives – all to the benefit of consumers and broader macroeconomic efficiency.
PwC Have Been Observing Bitcoin for Two Years
In the report the organization claims that for more than two years now, various teams have been monitoring the emerging cryptocurrency market. In response to what they identified as cryptocurrency’s potential to disrupt various markets, they assembled a cross-functional team of PwC professionals from around the globe to analyze cryptocurrency and assess its impact.
Additionally, the report claims that they also launched the 2015 PwC Consumer Cryptocurrency Survey (based on a representative sample of US consumers) to better understand the consumer side of the market. Nonetheless, report coming from a ‘Big Four’ advisory firm which operates in over 157 countries worldwide, comes with a lot of value and weight.
Titled ‘Money is No Object: Understanding the Evolving Cryptocurrency Market’ the report also discusses various aspects of the cryptocurrencies and claims that whereas it may threaten government control in the financial markets and revenue from transactions, there are a number of opportunities too to transform the way financial technology works.
For instance, PwC believes that cheaper transfers and blockchain-based solutions for both the retail and financial services sectors make Bitcoin a preferred option for users. However, the firm believes that the success of the cryptocurrencies depends on how fast their market expands to new regions and people and how fast the companies gain foothold.
The report concludes that as with most groundbreaking markets, the combination of ingenuity and speed to market is likely to distinguish the market leaders. It also identifies five market participants e.g. consumers and merchants, developers, investors, financial institutions and regulators who will create so-called ‘credentialising moments’ that will jolt cryptocurrencies.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org