The adoption of this decentralized payment system is on the rise and the opposite is not expected to happen next year
PriceWaterhouseCoopers, the renowned professional consulting services firm, ensures that 2019 will be a year to achieve major advances in the cryptocurrencies’ world. Beyond the fluctuation of prices, different companies are taking advantage of the technology that uses this asset and now many cryptocurrency ATMs are installed in different countries.
The adoption of this decentralized payment system is increasing and something different is not expected to happen. Analysts believe that during the next 12 months we will observe capital injections from different companies.
Henri Arslanian, the company’s Fintech Executive for China and Hong Kong, predicts that regulatory clarity will also be achieved. “I think there are many exciting things that the crypto ecosystem is waiting for 2019. One of them is really the entrance of institutional players. In 2018, we saw that many of the big banks entered this space and in 2019; I hope that many more will also enter”, he said.
The expert from one of the four largest accounting and professional services firms in the world also talked about which paths would take major investments to deliver funds to the sector. Regarding this topic, he assured there are different alternatives, such as the creation of companies dedicated exclusively to this point.
Arslanian placed Fidelity as an example of what could happen in the near future: this company will offer cryptoactive management and custody services for institutions through its subsidiary Fidelity Digital Assets. The same could happen to other companies.
Among other paths likely to be traveled in cryptocurrencies’ way during 2019, there are new partnerships between corporations and startups that “make life” in the ecosystem.
Arslanian, graduated from the Columbia University and the London Business School, added: “Others will try to make alliances with cryptocurrency companies and others will want to invest in cryptocurrency companies like Goldman Sachs did with BitGo and Circle”. According to the expert, alliances between companies related to traditional institutions will lead to an appropriate level of institutional expertise.
The PwC executive said greater regulatory clarity will boost institutional investments. He also observes a potential growth in stock tokens and tokens anchored to national currencies.
The professional also stated that he expects “more large banks” to enter the space, some launching their own solutions, and others associating or investing in crypto companies. The entrance of those institutions to the cryptographic space will bring the institutional support the industry needs.
PwC is an international network of companies that offer consulting and auditing services. The corporation, which is located in London, was founded in 1849 and is one of the big four accounting firms in the world. Its Hong Kong office has accepted Bitcoin (BTC) as payment for its advisory services since the end of 2017.
The predictions can be fulfilled. There have been some announcements from the main institutions, which seem to support Arslanian’s calculations. For example, Nasdaq, the second largest stock exchange in the world, has confirmed its plans to launch Bitcoin futures in the first half of 2019.
In addition, the Intercontinental Exchange (ICE), operator of 23 exchanges, including the New York Stock Exchange (NYSE), announced it plans to launch its Bakkt digital asset platform on January 24th, 2019. In the next 12 months, surely blockchain technology and cryptocurrencies will continue giving pleasant surprises.