• Thu. Sep 28th, 2023

Big Four Accounting Firm KPMG Touts Bitcoin Benefits, Including Payments, Social Causes and Financial Inclusion

One of the world’s largest accounting firms just published a new report highlighting use cases for Bitcoin (BTC).

According to the Big Four accounting firm KPMG, the flagship cryptocurrency consistently provides value despite being an often-misunderstood technology and asset class.

“There’s a variety of impactful use cases that Bitcoin offers that have a track record in delivering value for their users and society at large. These scenarios not only can improve the reputation of the overall ecosystem, but pave the way for greater use and adoption.”

The report says Bitcoin’s technology transformed cross-border payments and particularly benefited people in developing countries who face high transaction fees, logistical challenges and risks from gangs when claiming remittances from abroad.

“Bitcoin provides the ability for these payments to take place nearly instantly so long as users have a cell phone and an internet connection, and with far cheaper transaction fees.”

KPMG also says Bitcoin helped Ukraine raise nearly $70 million when the country was invaded by Russia.

“This allowed the Ukrainian government to take possession of these funds nearly instantly compared to using legacy financial rails which would have taken days, even weeks, to clear and settle given the various restrictions imposed as a result of the war.”

The report says Bitcoin mining likewise helped provide more consistent and less expensive electricity to people in rural Africa who rely on small electrical grids that struggle to remain financially viable.

“Bitcoin miners are able to co-locate within these microgrids and allow the operators to monetize what would otherwise have been wasted energy. This in turn has provided more consistent and less expensive electricity to residents by increasing the useful load factor on the local grid and decreasing the cost per kWh (kilowatt-hour) by increasing total sales.”

The report says Bitcoin also provided financial access to people who do not have bank accounts and those facing monetary restrictions.

“In first quarter (Q1) 2021, following a crashing Turkish Lira, Chainalysis reported that crypto asset transaction volume in Turkey ranked 4th globally. This correlation was evidence of crypto assets being an exit ramp to hyperinflation that would otherwise erode people’s savings and purchasing power.”

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