The majority of institutional investors do not invest in cryptocurrencies, but 58% of JPMorgan survey respondents believe that cryptocurrency is “here to stay.”
According to a study by JPMorgan, the vast majority of institutional investors are “not likely” to invest in or trade cryptocurrency. 3400 investors took part in the survey. 78% of respondents said it was unlikely that their company would invest in cryptocurrencies or provide trading services related to that asset, Business Insider reports.
When asked “What is your opinion on Crypto?” 7% of respondents answered that it “will become one of the most important assets.” 58% of respondents believe that the cryptocurrency “is here to stay.” This is twice as high as the number of those who are skeptical about the future of cryptocurrencies. 21% of survey participants called it a “temporary fad.”
The respondents came from 1,500 different organizations. 89% said their firm does not currently invest in or trade cryptocurrency. 11% of investors said their firm either trades or invests in cryptocurrency.
Bitcoin’s parabolic rally attracted the attention of both institutional and retail investors, but a JPMorgan survey shows that there is still no consensus among the institutional community regarding the future of cryptocurrency.
Many well-known Wall Street giants showed interest in cryptocurrencies in the past six months. Morgan Stanley recently said it was looking into whether to invest in cryptocurrencies, Bloomberg reported. Morgan Stanley also owns 10.9% of MicroStrategy, giving the bank indirect access to 7,681 BTC.
Another poll published on Wednesday by Blind found that 57% of the 1,800 tech professionals surveyed currently own cryptocurrency. Respondents included JPMorgan employees, as well as tech giants like Amazon and Twitter.