KPMG’s report on Bitcoin: Real-life crisis solutions

KPMG has published a report on Bitcoin, highlighting the ways in which it can actually contribute to the traditional ecosystem. The report comes at a time when the entire crypto market is going through turbulence. As for BTC, it is way below the expected mark of $30k. The token is currently trading at $29,452.40, down by 0.82% in the last 24 hours. The report marks a significant development as it signals positive prospects for the acceptance of the digital asset.

The report has a total of four points that highlight how BTC, a symbol for Bitcoin, has been useful in recent incidents. This is notably imperative as these are the instances when the traditional financial mechanism could not deliver the result on time or effectively as and when it was required to do.

For starters, the remittance issue has been resolved by BTC. The token is gaining traction for facilitating cross-border payments at the lowest possible cost. Also, it circumvents the aspects of having an intermediary at the time of sending and receiving the remittance. At the same time, this sounds like something from the stone age; the factor of remittance is heavily weighed by those who live in developing countries under poor economic conditions. These include El Salvador, Jamaica, and Haiti, among others.

The report published by KPMG further states that all a person requires is the internet and a device with the feature of connecting to the internet. Based on the type of images that the report has portrayed, this is nothing but a dreamy element. However, access to the connection and device can indeed help them have the remittance almost instantly without leaving their home.

The next in line is fundraising. This is often undertaken by a third party like an NGO or another government-related or funded organization. But this does not stand true during times of war. The Russia-Ukraine war left the latter cash-strapped. This is when BTC entered the picture. Ukrainian Twitter (now X) accounts raised their concerns and sought digital assets. By the end of the fundraising round, the country was able to pocket approximately $70 million for its citizens.

Alex Bornyakov, the Deputy Digital Minister of Ukraine, confirmed the same, adding that 60% of their suppliers were also able to accept cryptocurrency in return for their assistance.

Financial inclusion is on the list, courtesy of the World Bank. The international organization has put forward a figure of 1.4 billion, stating that these are the people who do not have access to the traditional financial system. BTC has the ability to reach there and make sure that the unbanked have been included in the financial roadmap with verified identities.

Lastly, unexpected electricity requirements emerge as a noteworthy aspect. Miners are identifying grids facing operational challenges due to a significant gap between demand and supply. This has led to bridging the gap and providing electricity to people, particularly in the sub-Saharan African region.

Bitcoin has been termed as a misunderstood technology by KPMG in its report. Per the points that have been underlined there, it is likely to be true.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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