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Deloitte Survey Clearly Shows Crypto Payments Are The Next Big Thing In Commerce

A new Deloitte survey titled “Merchants getting ready for crypto” contains extremely bullish news. It clearly shows that businesses of all sizes are getting ready for all kinds of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. Merchants, they are just like us. Deloitte produced the survey in association with PayPal, which is telling and arises questions. 

“Survey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation, and are expected to see broad near-term adoption,” Deloitte concludes. Besides that, merchants see “benefits such as speed of payments and cost efficiencies.” Which shows they’re not in just for the flashy “differentiation,” and already see all of the benefits it could bring to them. 

As for the methodology, let’s quote the document:

“The survey focuses on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, asking their views on digital currency payments and the investments they’ve made in payment infrastructure, as well as their plans for the years ahead.”

So, these are medium to big-sized players we’re dealing with here. Deloitte doesn’t differentiate between bitcoin and crypto, and doesn’t specify exactly which cryptocurrencies the merchants are talking about. The survey company makes a point of separating stablecoins from the rest of the cryptocurrencies, though.

Results: Deloitte And Merchants

  • “Around two-thirds (64%) of our surveyed merchants indicated that their customers have significant interest in using digital currencies for payments.” These are staggering numbers, considering the majority of the population doesn’t even know what a stablecoin is. If merchants are perceiving this tendency, chances are it does exist. 
  • “83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.” We agree wholeheartedly, Deloitte.
  • “More than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.” We’re willing to bet not many people in crypto suspects that the numbers are this high. If they did, they’d be even more bullish.  
  • ”Around 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.” We agree wholeheartedly, Deloitte. In five years we’ll live in a new universe, and crypto will be one of the catalysts.
  • “Nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.” The positive attitude is there and plans are underway.

How could you not be bullish? 

AVAX price chart on Bittrex | Source: AVAX/USD on TradingView.com
Results: This Is What Adoption Looks Like

  • “An overwhelming majority of those who currently accept cryptocurrency as a payment instrument (93%) have already seen a positive impact on their business’s customer metrics, such as customer base growth and brand perception.” This is as close to unanimously as we’re going to get, Delloite. The hype is real.
  • “They expect to derive value from their digital currency adoption in three distinct ways: improved customer experience (48% of respondents), increased customer base (46%), and brand is perceived as cutting edge (40%).“ No comments on this one.
  • “It is worth noting that 86% see a significant benefit to their finance and cash management for accepting digital currency payments.” The key word is crucial here 
  • “In fact, 26% have already integrated digital currencies in their finance functionality such as revenue cycle and treasury, and 61% plan to do it over the next 24 months.” If the government permits it. 
  • “Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.” As it should be, Delloite. As it should be.
  • “Slightly more than a quarter (26%) of the organizations surveyed for this report have already begun integrating digital currency into their finance department functionality, but more than a third of respondents (39%) plan to begin integration within a year.” Considering holding cryptocurrencies is a high-risk maneuver, these are phenomenal numbers.

And that’s what Deloitte and the companies that they interviewed had for us. Here’s hoping they provide us with new mind-blowing material sooner than later.

Featured Image: Screenshot from the study | Charts by TradingView

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Most of American Retailers Consider Crypto Payments In Next 2 Years

According to a recent study, over 75% of US retailers hope to support stablecoin and crypto payment options within the next two years. Deloitte, a UK-head quartered consulting and financial advisory company conducted research on 2,000 chief officers of small-scale American companies and just recently published the results.

The study occurred between December 3rd and 16th when the digital asset values were trading high. It also showed that over 50% of institutional retailers valued at $500 million and above are putting in nothing less than $1 million to develop all required infrastructure to make crypto services available.

Study Reveals More Than Half Of US Citizens Anticipate Crypto Payments

According to the report, a team-up with payment giant PayPal, Deloitte revealed that executives from various industries all had the same intentions. From digital products, fashion, cosmetics, electronics, hospitality and leisure, household and personal products, services, and even transportation.

Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend

More than 85% of the officials polled stated they would soon be facilitating crypt payments in their industries within the next five years.

Source: Merchants Ready to adopt Crypto payments

Besides that, the research showed that cryptocurrency adoption also boomed; over one-quarter of the total polled company officials supported the adoption of crypto. This figure is anticipated to leap to about three-quarters by the end of 2022.

Customers Are Increasingly Adopting Crypto Payments

The research also revealed that SMEs (small and medium enterprises) were involved in the poll; more than 73% of the traders were worth about $10 million to $100 million and invested between $100,000 to $1 million to offer crypto trading in the platforms.

Deloitte stated that this cryptocurrency investment wouldn’t be short-lived. The company even projects the spending to rally through 2022. Over 60% of retailers explained that their budgets for facilitating cryptocurrency are anticipated to rise to about $500,000 through 2022.

While performing a market survey, customer interests are at the heart of the study. And more than 64% of companies said positive things about their customers supporting crypto adoption. Thus, there are also expected to facilitate crypto payment options.

The daily Chart Shows crypto market cap is down | Source: Crypto Total Market Cap on TradingView.com

Almost half of the polled senior executives observe that digital asset adoption will enhance their consumer experience. And another similar percentage is optimistic that it will boost their client base. About 40% said it will further develop their brand as “cutting edge.”

American Retailers Expect To Consider Cryptocurrency Payments

The survey reveals that many companies seek to collaborate with crypto platforms to provide these services to customers. With digital currency solutions offered, they believe their several thousands of clients will be able to perform instant transactions rather than waiting for other payment gateways to verify payments.

Related Reading | Bitcoin Miner Revenues Stay Low As Price Decline Continues

Lastly, Deloitte released a report highlighting some challenges companies would face in crypto adoption. The firm explained that, regardless of the positive appearance of the adoption, it will encounter three main problems. These challenges include shifting legislation, platform security, and the high volatility of the DeFi market.

Featured image from BBC, chart from TradingView.com

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How To Add Bitcoin To The Balance Sheet For Corporations, With Saylor & Dorsey

Is your company ready to buy the Bitcoin dip? Saylor and Dorsey will give you the 411 for free.99. The MicroStrategy World annual conference goes live on February 1st. Learn directly from these two titans of the industry, who have definitely been among Bitcoin’s main proponents and promoters over the last few years. 

Michael Saylor has led by example, buying every dip, and is a constant presence in mainstream media. His interviews are more like classes and the attention they get is outstanding. Jack Dorsey, for his part, left Twitter to focus on Bitcoin. Since then, his Block company announced several projects that’ll definitely strengthen the Bitcoin network.

About the MicroStrategy World conference, the press release promises it’ll be “focused on Enterprise Analytics and Bitcoin for Corporations. World 2022 is 100% virtual, and—for the first time ever—access to all sections of the conference is free of charge.” That’s an unbeatable price.

What Will Saylor And Dorsey Talk About?

The conference has two sides, two different events that showcase MicroStrategy’s duality:

“The Enterprise Analytics event will introduce bold new ways to think about analytics and business intelligence, and showcase organizations who’ve used data as a strategic differentiator. The Bitcoin for Corporations event will explore the various benefits of incorporating Bitcoin into corporate initiatives.”

Join me and Keynote Presenter @jack at the 2nd Annual Bitcoin for Corporations Feb 1 & 2. This free, virtual conference is a must for any corporation considering integrating #Bitcoin with their products & services, or adding #BTC to their balance sheet.https://t.co/V9fIkv633q

— Michael Saylor⚡ (@saylor) January 20, 2022

As you might expect, NewsBTC will focus on the second event. It’s important to say that both Dorsey and Saylor’s companies have Bitcoin on their balance sheet. These two put their money where their mouth is, and then some. In any case, what does MicroStrategy World promise?

“An in-depth discussion on Bitcoin between two visionary voices: Jack Dorsey, CEO of Block, Inc., and Michael Saylor, CEO of MicroStrategy Inc. This session will be followed by a discussion on Bitcoin Treasury with Phong Le (President and CFO, MicroStrategy). Bitcoin for Corporations will also feature live interviews with industry experts from Coinbase, Deloitte, Fidelity Digital Assets, Genesis, Jefferies, NYDIG, Paxos, and Silvergate Bank.”

It’s noteworthy that Fidelity Digital Assets recently shocked the world by predicting more countries and probably a Central Bank or two would add Bitcoin to their balance sheet in the next few years. Christine Sandler, Fidelity’s Head of Sales & Marketing, will represent the company at the conference. 

Saylor ’s Recent Bitcoin History

Since MicroStrategy first added Bitcoin to its balance sheet in August 2020, the company has increased the bet every few months. They issued common stock. They sold stocks. They bought, and bought, and bought, and bought. In a recent interview, Saylor explained the strategy and NewsBTC reported:

“Look, our long term strategy is kind of like Harvard University. We’re running a university but we have an endowment. MicroStrategy is selling enterprise software. We generate $100 million in cash flow a year – in a good year – and we are reinvesting that cash in our endowment. Our endowment is 100% bitcoin.”

Saylor adds that MicroStrategy plans to acquire and hold bitcoin as a balance sheet. As for the operations, the company will continue to sell its enterprise software everywhere in the world.”

Related to this, about MicroStrategy’s free conference, Saylor said:

“We have gained a wealth of experience and expertise innovating our treasury strategy and evolving our corporate bitcoin acquisition strategy. And we’re pleased to be in a position to share our knowledge—via this curated event—for corporations looking to pursue similar strategies and bold initiatives.”

Dorsey’s Recent Bitcoin History

For his part, Dorsey’s strategy is much different than Saylor’s. He’s working in infrastructure. Dorsey’s fortifying the network’s weak parts. Among other things, Block announced they’re building a decentralized Bitcoin exchange called tbDEX. Released the Lightning Development Kit. And announced they’re working in an open-source ASIC miner. 

On a personal level, Dorsey and rapper Jay-Z put 500 BTC in a blind trust to promote Bitcoin development in Africa and India. And created the Bitcoin Defense Legal Fund to protect developers from all kinds of lawsuits.

BTC price chart for 01/21/2022 on Gemini | Source: BTC/USD on TradingView.com
The Price Of Bitcoin

Despite Saylor’s and Dorsey’s efforts, Bitcoin is bleeding. On one hand, Proof-Of-Stake proponents straight up lied before U.S. Congress in a hearing about Proof-Of-Work’s environmental risks. On the other, there’s a rumor that Russia is considering banning Bitcoin in some capacity. Both of those situations caused panic in the market, and Bitcoin’s price is currently 40% lower than the ATH of $69K. 

Will Michael Saylor buy the dip? 

Featured Image: screenshot from the conference’s website | Charts by TradingView

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Deloitte Forms Strategic Alliance With Avalanche Blockchain

Data can only move as fast as the tool that is powering it. This week, an announcement from Deloitte and Ava Labs looks to streamline federal emergency funding applications.

Deloitte will be leveraging the Avalanche blockchain “to help state and local governments easily demonstrate their eligibility for federal emergency funding.”

A Much Needed Solution For Deloitte

Deloitte is known as one of the “big four” accounting firms, working closely with some of the biggest companies, government agencies, and more throughout the US.

Deloitte currently works with the Federal Emergency Management Agency (commonly known as FEMA) to execute disaster reimbursement applications for state and local government agencies. They do this through a tool called Close As You Go (or CAYG). The CAYG platform is a cloud-based solution from Deloitte that aims to provide government partners with a “decentralized, transparent and cost-efficient system.” The Avalanche blockchain will add streamlined speed, efficiency and authentification to the CAYG system. Deloitte cited the blockchain’s eco-friendly advantages as a main criteria that led to the selection of Avalanche for this alliance.

Ava Labs will assist the CAYG system in core competencies that include streamlining recovery efforts, simplifying document retention, reducing administrative costs, mitigating risk and building resiliency.

These are desperately needed in the FEMA ecosystem, as the agency has historically had it’s name tied to delays around federal emergencies that often need rapid response. For example, a Nevada firewarden said that while he was able to receive wildfire mitigation grants, “a lengthy application and environmental review process” has hindered the firewarden’s ability to execute. Similarly, a California deputy chief administrative officer said that FEMA’s assistance to victims during the raging 2018 Camp Fire was “slow and sometimes confounding.”

It’s an area that is ripe for transparency, efficiency, and quickness – ideally Avalanche can help bring those things to the table.

Avalanche’s native token, AVAX, has performed exceptionally well and looks to push over the $100 mark to close the year. | Source: AVAX-USD on TradingView.com

Related Reading | New York Mayor Says Cryptocurrencies Should Be Taught In Schools

Avalanche’s Current Activity

Earlier this month, Ava Labs launched ‘Blizzard’ in collaboration with The Avalanche Foundation, that established a $200M+ crypto growth fund aimed at DeFi and NFTs. That move came just a few short months after ‘Avalanche Rush,’ a $180M DeFi incentive program. That program was not only aimed at DeFi and NFTs, but also enterprise applications, social tokens and gaming, and more.

While these programs aren’t correlated with the recent Deloitte announcement, the culmination of Ava Labs’ efforts have clearly been paying dividends when it comes to expanding the Avalanche blockchain.

Meanwhile, Deloitte has had it’s finger on the pulse when it comes to crypto and blockchain – so this week’s announcement shouldn’t be too surprising. This year, the firm released it’s fourth annual Global Blockchain Survey. That survey had a number of interesting bites of information to consider about crypto, most notably that over three out of four financial executives believe that physical money is coming to end.

Related Reading | Bitcoin Cemented At $60K? Why BTC Could Smash All Resistance

Featured image from medium.com/AvalancheAVAX, Charts from TradingView.com