The level of commitment that several accounting bodies are showing to the crypto space and blockchain is increasing. Many wonder what could be the reasons behind it?
History has shown that most establishments exist so as to make gain irrespective of the market or sector that they operate from.
The following could be the reasons for this sudden change in the attitude of this auditing and accounting firms like Deloitte and PwC to the blockchain and crypto space:
1) The money is there: one could imagine what a 10% increase in price translates in the overall revenue of an organization. The initial coin offerings programs had been able to attract more than $12 billion to the crypto market in the first quarter of this year. Partners to this projects are also ranking in revenue.
This shows that the market is getting bigger as more investors are ready to deposit their money there against all odds.
2) The Government stance is changing: previously, rarely could one hear of a government that maintains its position on their country’s adoption of cryptocurrency. Presently, this is changing since even world bodies like UN, IMF and World Trade Organization are receiving the direct impact of this revolution.
3) It has Attracted Bigger Names: the number of venture capital pundits in this industry is growing and there is the need for them to find a place in this adoption before they lose out of the gains of the market which these financial experts are already enjoying due to their absence.
4) It is getting more legitimate: previously many thought that the market has not attracted sufficient government legislation and regulations for it to be legalized. The position is presently changing which has helped to impose more confidence in this firms to have a look at this Department.