Market Cap: $133.33B

|

Vol24: $28.76B

|

dominance: 52.01%

KPMG: "Cryptocurrencies like Bitcoin are not a value"

KPMG: “The cryptocurrency market will move from speculation to institutionalization”

KPMG, one of the "Big four" of the largest auditors in the world, has published a report stating that Bitcoin and similar assets cannot be a means of sharing or capital preservation due to the lack of trust and scalability.

KPMG analysts suggested that the passage of institutionalization is the only way for the cryptocurrency sector, wishing to obtain greater stability and acceptance.

KPMG chief economist Constance Hunter said:

"More active participation in the ecosystem of financial services will give the opportunity for the cryptocurrency market to enhance confidence and scale for the tokenized economy, and will also help it further growth and development".

KPMG report said that the passage of institutionalization depends on the full participation in the activities of financial technology companies, banks, exchanges, payment institutions, brokers, dealers and other industry representatives. The involvement of major organizations in the cryptocurrency sector could demonstrate he potential, which could be used to resolve issues in the global economic system.

To date, the cryptocurrency market is at the stage of speculation arising from investments at the level of retailing. Private investors prefer to put in the potential of cryptocurrencies and not on the probability of their practical application, thus increasing risks in the unregulated space. In the report KPMG noted that the main problem of cryptocurrency industry is the lack of a clear positioning of their own products before regulatory bodies.

However, a consistent approach in defining comprehensive legal parameters of the cryptocurrency sector will allow big business to enter substantial capital to this market.

KPMG refers to the Coinbase which asserts that the market will be institutionalized only after the arrival of the world's largest financial institutions. According to the company, it is already working on creating scalable platforms, which will help large players to enter the cryptocurrency space. To raise capital Coinbase will use "high-frequency mechanism with low latency, and efficient and transparent tools for monitoring prices." In the report of KPMG said that Coinbase is ready to become a qualified depository for the safekeeping of assets.

KPMG's study also showed that the cryptocurrency industry has a great future. Cryptocurrency will become a standard payment means, market participants get more comfortable ways of interacting with them. However, this will only happen after the organization will find solutions for paying taxes, updates, security, financial audits and confirmation of the source of assets.

The document says:

"New tokens and assets is only a small part of the events. New business models and market participants may redefine the space significantly over the next few years."

TOP 20 coins by Market Cap

Bitcoin

Bitcoin | BTC

$3947.58262648 $69.28B
-0.88
Ethereum

Ethereum | ETH

$145.175680248 $15.24B
-1.35
Ripple

Ripple | XRP

$0.3211392264 $13.27B
-3.09
EOS

EOS | EOS

$3.7398046789 $3.39B
-3.38
Litecoin

Litecoin | LTC

$49.0469687104 $2.97B
-3.76
Bitcoin Cash

Bitcoin Cash | BCH

$141.652622497 $2.5B
-3.42
Tether

Tether | USDT

$1.0053124992 $2.03B
-0.09
Stellar

Stellar | XLM

$0.0888772276 $1.7B
-1.81
TRON

TRON | TRX

$0.0247713656 $1.65B
-1.83
Binance Coin

Binance Coin | BNB

$10.2892482256 $1.45B
-7.16
Cardano

Cardano | ADA

$0.0449730373 $1.17B
-4.54
Monero

Monero | XMR

$50.9105818686 $0.86B
-2.67
IOTA

IOTA | MIOTA

$0.3021927518 $0.84B
-2.99
Dash

Dash | DASH

$85.067888063 $0.74B
-2.21
Maker

Maker | MKR

$643.598819085 $0.64B
-0.54
NEO

NEO | NEO

$8.739183006 $0.57B
-3.94
Ethereum Classic

Ethereum Classic | ETC

$4.5106289239 $0.49B
-3.5
NEM

NEM | XEM

$0.0438127265 $0.39B
0.15
Zcash

Zcash | ZEC

$54.0388256211 $0.32B
-2.02
Waves

Waves | WAVES

$2.7958918986 $0.28B
-0.56
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