Cryptocurrency (Mar 05, 2021 11:00AM ET)
While the cryptocurrency market has been graced by investments from MassMutual, MicroStrategy, Tesla (NASDAQ:TSLA), and several others, a recent report from JPMorgan (NYSE:JPM) revealed that most institutions are unlikely to invest in digital assets in the near future.
According to the report, which was published by Business Insider on Wednesday, 78% of institutions currently do not have any interest in cryptocurrencies.
The survey collected the responses of more than 34,000 investors from over 1,500 institutions across the globe. While a whopping 89% of the respondents disclosed that their firm has no active investment in digital assets, only 11% claimed to have significant trades or investments in Bitcoin and other cryptocurrencies. Out of the 89% who have no active crypto investments, 78% noted that their firms were unlikely to invest or trade in the future.
When questioned about their personal stance on cryptocurrencies, only 21% saw it as a bubble. 58% of the respondents believe that digital assets are here to stay, while 14% sat on the fence, stating that the industry should be avoided. The remaining 7% were convinced that cryptocurrencies were an important financial asset.
Surprisingly, a significant percentage of investors share the same fears as government officials. 98% of investors believe that fraud is a common practice in the crypto industry.
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