Money is no object: Understanding the evolving cryptocurrency market – PwC

Tech developers

Many talented tech developers have devoted their efforts to cryptocurrency mining, while others have focused on more entrepreneurial pursuits such as developing exchanges, wallet services, and alternative cryptocurrencies. In our view, the cryptocurrency market has only started to attract talent with the depth, breadth, and market focus needed to take the industry to the next level. For the market to gain mainstream acceptance, however, consumers and corporations will need to see cryptocurrency as a user-friendly solution to their common transactions. Further, the industry will need to develop cybersecurity technology and protocols.

Investors generally appear to be confident about the opportunities associated with cryptocurrencies and cryptography. The inherent value of the underlying technology, discussed above, gives these investors good reason to be optimistic. As a result, only recently have some of the more established cryptocurrency companies attracted institutional investors and Wall Street attention.

Traditionally, banks have connected those with money to those who need it. But in recent years, this middleman position has been diluted, and disintermediation in the banking sector has evolved rapidly. This has resulted from the rise of Internet banking; increased consumer usage of alternative payment methods like Amazon gift cards, Apple Pay, and Google Wallet; and advances in mobile payments.

Government attitudes around the world toward cryptocurrency are inconsistent when it comes to the classification, treatment, and legality of this technology. Regulations are also evolving at different paces in different regions.

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Money is no object: Understanding the evolving cryptocurrency market - PwC