The Dutch-based professional service company and one of the big four auditors in the Netherlands, KPMG have released a report recently that shows their very optimistic outlook for cryptocurrencies.
The report by KPMG was published earlier this month and is titled ‘Institutionalisation of Cryptoassets’. The report is over 40 pages and goes into the depth of the important challenges that cryptocurrencies face. Not only this but they say virtual assets are a ‘force to be reckoned with’.
The very bullish report starts off by saying that crypto assets are an important part of the future and in the same section it goes on to explain the rise of cryptocurrencies had last year.
However, they also claim that the 2018 downtrend we’ve been seeing is less important than the wave of new entrants into the industry and the explosion of functional crypto products and services saying that
"Cryptoassets Are Now Impossible To Ignore"
During the second half of the report, the writer kicked off with a strict take on digital currencies:
“Of the more than 2,000 crypto assets issued or generated, many, including those with lofty valuations, do not even have a functional product associated with them.”
Cryptocurrencies are also trying to solve issues too which the report acknowledges.
The report mentions how Bitcoin is slowly becoming an alternative to traditional wealth storage and that Ethereum has allowed an alternative method of fundraising through ICOs, how Litecoin has been used to transfer around $99 million in crypto for less than a dollar in transaction fees.
The Dutch company went on to say:
“So, is crypto a solution looking for a problem? No, there are real problems in the global financial services ecosystem that crypto assets are looking to address. More participation from the broader financial services ecosystem will help drive trust and scale for the tokenized economy and help the crypto market grow and mature.”
According to Invest in Blockchain, the writers of the report say that if cryptocurrencies both are successful as a tool and an asset they will most likely become easier and more efficient to use than the current ecosystem.
What are your thoughts? Let us know what you think down below in the comments!