One of the Big Four accounting firms, KPMG, has declared that Bitcoin will become the future for standard crypto transactions. They are of the opinion that the world is experiencing an entirely new financial revolution and Bitcoins are leading the way. However, they have also mentioned that Bitcoins and the overall crypto market needs to build enough trust on crypto traders and increase their accessibility to make sure that more and more people are interested in opting for this method of transaction.
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Market participants to become the game changer
One of the important things that KPMG pointed out about the success of Bitcoin is that the respective assets and new tokens will always be a part of the transaction, but it is the market participants and new business models that will truly define how good this transaction will be. They have given three different criteria which they believe will help make Bitcoin more successful in the future:
- A store of value.
- A unit of account.
- A unit of exchange.
Constance Hunter, the chief economist of KPMG, has rightly pointed out that although the unit of account will be easy to meet, it is the store of value that will always be under the scanner. This is because the assets that are involved in the accounts are always unstable. In fact, it is one of the reasons why there are such rapid fluctuations in the Bitcoin market. Even the latest crash in the market happened because the assets were too volatile and after a couple of months, the prices started going down.
This brings us to the final criteria, the unit of exchange – a unit of exchange is entirely dependent on a store of value. Unless a store of value becomes stable, it cannot be said for sure that cryptocurrency will become a unit of exchange. However, there are signs that the market will become stable at some point in time. Since cryptocurrencies are still relatively new and many countries have still not adopted it as one of the transaction units, Hunter believes that investors should give it some more time.
According to the statistics, there is no reason to believe that cryptocurrency will not meet the three criteria given above. Not just Hunter, but economists from all over the world are quite excited to see cryptocurrency become one of the trading units because the returns are very high. The power of crypto is such that you will be able to transfer money without paying the wire fees or you wouldn’t have to go to the bank at all. There is every possibility that crypto will become the medium of exchange that changes the global financial system once and for all.