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How Majority of Financial Leaders Think About Crypto for Business?

How Majority of Financial Leaders Think About Crypto for Business?

A new survey among the financial leaders suggested that there is enough space for cryptocurrency in the business. This is a significant thing considering that conventional financial service providers are refusing to accept digital currencies as a means of payment. The most important factor of the survey is that only 13 percent of the respondents from the financial segment believe that virtual currency would not be treated as a common thing in business in the upcoming five-year period.

Optimistic

Robert Half Finance & Accounting, which is a global financial recruitment service firm, has developed the survey that covered 2,000 companies in over 20 of the biggest metropolitan areas in the United States. 87 percent of the respondents have given answers like “not very common, or “very common,” cryptonews.com reported. At the same time, this cannot be viewed as an endorsement of the emerging asset class. That is because 37 percent of the respondents viewed as “not very common” on whether crypto will be common.

However, the survey results demonstrated that big companies’ financial leaders are highly optimistic about the role digital coin transactions in business. This is evident when 45 percent of the leaders from companies having employees between 500 and 999 indicated that virtual asset would be “very common” in business transactions in the upcoming five years. Robert Half Finance & Accounting executive director, Steve Saah, indicated that enterprises are waiting to understand the impact of crypto and blockchain if they are late.

At the same time, he believes that the time has come for organizations to take a call now so that they could stay ahead of the challenges and take advantage of the available opportunities. He thinks that companies encounter issues very often in trying to find the right kind of talent for both blockchains, as well as, digital coin expertise. This included roles involved in security, payments, and risk. He thinks that this could be sorted out only by relaxing job requirements.

At the same time, enterprises must speed up their hiring process to resolve this issue. He explained that “Blockchain expertise is hard to find but can be developed. When hiring for roles requiring this knowledge, consider focusing on candidates who will have a short learning curve and can be trained on it.”

Vertical Split

In a nutshell, the survey results pointed out that 18 percent of the respondents think that it is common to find crypto in business transactions in the next five-year period. Similarly, 32 percent think that “somewhat common” about digital coin finding its role in business. On the other hand, while 13 percent find that “not common at all,” 37 percent think it is “not very common” for businesses to involve virtual currency.

In any case, International Data Corporation predicts that spending on blockchain could hit $11.7 billion by the year 2022.  For the current year, the research firm expects $1.5 billion, which is double from the previous year spending. Another research firm, Gartner, thinks that blockchain has passed the peak of expectations.

About the author

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Maria Rivera

Maria founded Poontru with an aim to bring relevant and unaltered news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research. With ample knowledge about the business industry, Maria also contributes her knowledge for the business section of the website.

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