{"id":27094,"date":"2015-08-11T03:59:05","date_gmt":"2015-08-11T03:59:05","guid":{"rendered":"http:\/\/ci027cfe6ec0002697"},"modified":"2015-08-11T03:59:05","modified_gmt":"2015-08-11T03:59:05","slug":"pwc-report-cryptocurrency-represents-beginning-new-phase-technology-driven-markets-1439247545-2","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/pwc-report-cryptocurrency-represents-beginning-new-phase-technology-driven-markets-1439247545-2","title":{"rendered":"PwC Report: Cryptocurrency Represents the Beginning of a New Phase of Technology-driven Markets"},"content":{"rendered":"
<\/div>
<\/figure>\n

In a paper titled Money is no object: Understanding the evolving cryptocurrency market<\/em>, just published by PricewaterhouseCoopers, the multinational professional services network examined and explained its position on cryptocurrencies.<\/p>\n

Its verdict: The inherent value of cryptocurrency has \u201cgained acceptance from a critical mass of investors, technologists, regulators, merchants, entrepreneurs and consumers \u2026 In fact, in our view, cryptocurrency represents the beginning of a new phase of technology-driven markets that have the potential to disrupt conventional market strategies, longstanding business practices, and established regulatory perspectives \u2013 all to the benefit of consumers and broader macroeconomic efficiency.\u201d<\/p>\n

Structured in part as a primer for investors and business professionals with a limited understanding of cryptocurrencies, the document opens with a just-the-facts overview of Bitcoin in terms that a newcomer to the space would best understand, explaining the blockchain\u2019s open-ledger characteristics, describing the attributes of cryptocurrencies, defining key terms, and introducing the potential of 2.0 applications. It also touches on the current public perceptions of Bitcoin, briefly recounting its history in the headlines, explaining the nature of its volatility, and giving a snapshot of its place in the public\u2019s consciousness today.<\/p>\n

The report also focuses on the role of mainstream adoption of cryptocurrencies, examining the factors that will affect its growth, and the disruptive mass effect it could have in the future.<\/p>\n

\u201cInvestors speculating in the future possibilities of this new technology have driven most of the current market capitalization, and this is likely to remain the case until a certain measure of price stability and market acceptance is achieved.\u201d<\/p>\n

It goes on to map out the potential impact of cryptocurrencies, both in terms of disruption and opportunity, on the tech, investment and financial sectors.<\/p>\n

PwC acknowledges the diminishing role of the financial middleman due to disintermediation in the banking sector, stating that \u201cwhat sets cryptocurrency apart from other recent payment innovations is its potential to dramatically limit the role of traditional financial institutions in clearing and settling payments.\u201d<\/p>\n

The report also touches on the role that regulatory clarity will play in allowing digital currencies to grow, asserting that \u201ccryptocurrency will not reach its true market potential unless and until it develops in harmony with applicable regulations.\u201d It recognizes that achieving this harmony is a tall order since \u201cgovernment attitudes toward cryptocurrency are inconsistent\u2026evolving at different paces in different regions.\u201d<\/p>\n

The report concludes with an optimistic wait-and-see attitude toward bitcoin and cryptocurrencies in general \u2013 \u201c\u2026 the next iteration of cryptocurrency \u2026 may reshape much of what we previously thought was possible on the Internet\u201d \u2013 but reserves its highest praise for the blockchain itself:<\/p>\n

\u201cIn our view \u2026 the more important potential disruptor is the blockchain public ledger technology that underlies cryptocurrency \u2026 Any financial asset that currently requires a trusted third party to provide verification could, theoretically be disrupted.\u201d<\/p>\n

Photo Bj\u00f8rn Erik Pedersen<\/a> \/ Wikimedia<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a paper titled Money is no object: Understanding the evolving cryptocurrency market, just published by PricewaterhouseCoopers, the multinational professional services network examined and explained its position on cryptocurrencies. Its verdict: The inherent value of cryptocurrency has \u201cgained acceptance from a critical mass of investors, technologists, regulators, merchants, entrepreneurs and consumers \u2026 In fact, in our […]<\/p>\n","protected":false},"author":3420,"featured_media":26091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[1747,289],"class_list":["post-27094","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-cryptocurrencies","tag-investors"],"author_data":{"id":3420,"name":"Christie Harkin","nicename":"christie-harkin","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/christie-harkin-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/pwc-report-cryptocurrency-represents-the-beginning-of-a-new-phase-of-technology-driven-markets.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/27094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3420"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=27094"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/27094\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/26091"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=27094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=27094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=27094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}