Nearly every major company CFO now plans to adopt cryptocurrency, according to Deloitte’s latest North American CFO Signals survey. The research, conducted from June 4 to June 18, polled 200 finance chiefs at firms with at least $1 billion in annual revenues.
The survey finds that 99% CFOs believe cryptocurrency will play a significant role in business operations in the long run. Additionally, 23% of CFOs indicated that their treasury teams are planning to start using crypto for payments or investments within the next couple of years. This number jumps to almost 40% for CFOs at companies with annual revenues exceeding $10 billion.
This growth comes during a time of policy changes in the U.S., such as President Trump establishing a strategic Bitcoin reserve back in March and the new stablecoin legislation.
Key barriers remain despite growing adoption
Despite the growing interest in cryptocurrencies, CFOs are still treading carefully due to the challenges they present. One of which people worry about the most is Price volatility, which was highlighted by 43% of those surveyed. Just earlier this year, Bitcoin plummeted by 28% in a mere 10 weeks, which only added to their concerns.
According to the survey, it turned out that 42% of people focus on the complex accounting rules and controls, while 40% are concerned about the absence of consistent regulations across the industry. In addition, recent changes in regulations, like the SEC launching its crypto task force and updates to accounting guidelines, have not helped much so far.
Despite the potential risks, CFOs are eager to push ahead. As an example,15% are planning to invest in volatile cryptocurrencies like Bitcoin and Ethereum over the next two years. For larger companies, that number rises to 24%.
Expanding business use cases
Companies are not looking at investments alone, but also going into a variety of business uses for crypto. About 15% of them plan to start accepting stablecoins as payment within the next two years, with larger companies leading the charge. CFOs also recognise the advantages of using crypto for supply chain tracking, with 52% anticipating the use of non-stablecoins and 48% leaning towards stablecoins.
Furthermore, stablecoins offer faster cross-border payments and improved customer privacy, according to 45% of respondents. Over a third have already discussed cryptocurrency strategies with their boards, CIOs, and banking partners.
Also Read: SEC Launches “Project Crypto” to Make USA the Crypto Capital
