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KPMG Recites Blockchain and Crypto-Assets' Bullishness with Institutionalisation

We’ve been watching out the steep slumps of cryptocurrencies very meticulously, with BTCUSD tumbles 28.22% in this month, ETHUSD slides 29.36%, while BCHUSD shows 40% dips. At this juncture, many analysts reckon that crypto-avenues are predominantly impelled by speculative investment from small investors who either select start-ups based on the potential of their technology or simply because they trust that the digital assets with eventually appreciate in value. One of the ‘Big Four’ auditing firms, ‘KPMG’ published a bullish report on cryptocurrency very recently, wherein it claims that institutional investors should enter in the crypto-industry to “realize its potential.”

The Netherland-based auditing firm, termed ‘institutionalization of crypto-assets,’emphasizes as to why and how the institutional investors have to access the crypto-space, along with “obstacles” the process faces and under what circumstances crypto could become a “full-fledged asset class.”

From our recent posts, it could be learnt that the significance of approvals of BTC ETF proposals and institutions interests in it. Well, no doubt, the blockchain and cryptocurrency industry has got great deal of prospects; however, inflow of funds from the institutional investors is what needs to realize this potential, the report extended by stating:

“Institutionalization is the at-scale participation in the crypto market of banks, broker dealers, exchanges, payment providers, FinTech and other entities in the global financial services ecosystem. We believe this is a necessary next step for crypto to create trust and scale.”

They also highlighted in another report on blockchain technologies, including digital assets such as cryptocurrencies under the title of “Blockchain and digital currencies challenge traditional accounting and reporting models”, wherein it is discussed the effects on the internal controls and business processes also. 

While many IT veterans think that blockchain and crypto-space has the potential to challenge the role of traditional intermediaries, such as banks, brokerages and insurers, that validate the authenticity and accuracy of transactions. The innovative technology enables the buyer and seller to interact directly to transfer something of value without needing verification from a third party.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -133 levels (which is bearish), while hourly USD spot index was at -92 (bearish) while articulating at 08:13 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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