TECH BUYER Apr 2021 - IDC Perspective - Doc # US47579621
Cryptocurrency Goes Legit: Institutional and Corporate Adoption of Cryptocurrency
By: James Wester
This IDC Perspective looks at some of the recent events that have pushed cryptocurrencies into the financial services spotlight and offers technology buyers guidance on what to expect next as they wrap their strategies around the adoption of cryptocurrencies in the larger financial services market. The gradual adoption of bitcoin and cryptocurrencies by corporations and financial institutions signals a broader acceptance within financial services that will require a new set of products and services to support.
"Since their inception, bitcoin and cryptocurrencies have largely been the domain of individual investors and speculators," said James Wester, research director, IDC's Worldwide Blockchain Strategies research practice. "But recent events, including significant bitcoin purchases by companies like Tesla and MicroStrategy, have shown how cryptocurrencies will need to be supported by the financial services industry. Technology leaders within financial institutions need to understand what this shift toward institutional and corporate adoption of cryptocurrencies will mean."