PwC’s Cryptoassets Survey 2021/22

Cryptoassets and the future of the financial industry

The global market capitalisation of cryptoassets has surpassed USD 1.3 trillion¹, and has grown by more than 500%² over the last two years.

Given the early stage of adoption of the underlying platform technology in the mainstream and its potential for disruption, unlimited possible use cases and incredible growth rates, it seems likely that not only the wider economy but also the financial industry will be impacted and shaped by cryptoassets even more in the future than today.

We’ve conducted a survey among decision-makers within the financial industry to get a sense for where the industry stands in terms of the

level of knowledge & experience,
expected impact,
level of readiness and adoption.

However, despite its growing importance, more than 60%³ of financial institutions currently do not offer exposure to cryptoassets to their client base, and more than half³ rate their own experience and knowledge of crypto as low. This reflects a certain level of hesitancy within the industry to enter the market.

Ultimately, incumbent industry leaders will launch their own offerings and integrate crypto into their businesses in time to play a part in shaping this newly forming asset class and industry, or will leave it to industry outsiders as early movers to pre-empt the market and potentially disrupt the existing competitive landscape.

How ready are you?

Download the survey

What is the level of knowledge of and experience with cryptoassets within the financial industry?

97% of the participants in the PwC Crypto Survey believe that crypto assets will be a strongly disruptive force to the financial industry and will have a major impact on traditional business models (see Figure 1).

Three out of four³ financial institutions are considering adjusting their current offering for clients to integrate direct or indirect exposure to cryptoassets. Furthermore, investment management and payments are considered to be the service areas that will be disrupted most. We invite you to read our full report for a more differentiated and detailed perspective.

References

^{1 Today's Cryptocurrency Prices by Market Cap

2 Overall cryptocurrency market capitalization per week from July 2010 to May 2022

3 Based on the answers from our Crypto Survey}

Conclusion

Besides the market perspectives which have already been discussed, authorities have shown an increasing willingness to regulate cryptoassets, which was only strengthened in the aftermath of the Terra/Luna crash in the first half of 2022. This development from the regulatory bodies may well encourage incumbents to embrace the related technologies more boldly.