Cryptocurrencies such as bitcoin will usher in a new wave of ‘technology-driven markets’, a new report from PricewaterhouseCoopers (PwC) has claimed.
The 17-page primer, released by the firm’s Financial Services Institute this month, says it is no longer a question of if cryptocurrencies will transform financial services, but when and how.
The report reads:
“[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, a ‘Big Four‘ advisory firm which operates in over 157 countries worldwide, has spent over two years monitoring the sector.
The report, Money is No Object: Understanding the Evolving Cryptocurrency Market, is one product of the ‘cross-functional team’ the firm assembled to evaluate the impact of cryptocurrency technology.
Others in the ‘Big Four’ have dedicated a number of resources to the emerging technology, with rival Deloitte revealing last month it was trialling blockchain systems in its client audits.
“On the consulting side, I think we’ll see the ecosystem adapt and change and move toward blockchain-based solutions,” Deloitte’s consulting principal Eric Piscini told CoinDesk at the time.
While cryptocurrencies may threaten government control in the financial markets