The future is crypto. A JPMorgan survey of institutional investors shows that while the majority of them do not plan to trade or invest in cryptocurrencies, most of them believe they are here to stay.
This much is clear now that the cryptocurrency market is not a temporary bubble.
Many a Wall Street behemoth have started to take interest in the space, and the still nascent digital currencies recently achieved a market capitalization of more than $1.5 trillion — nearly $800 billion up since the start of 2021.
Out of these, the largest cryptocurrency, Bitcoin, is currently hovering around the $50,000 mark, with a total market capitalization of $930 billion. BTC accounts for nearly 60% of the total market cap of crypto assets.
The bank surveyed nearly 3,400 investors representing 1,500 institutions around the globe.
11% of them revealed that their firm either trades or invests in crypto, while 89% said that their company does not. And of the investors that answered in negative, a further 78% said that it is not likely that their organization will trade or invest in crypto. 22% answered likely.
Around 58% of the respondents said that the cryptocurrency market is here to stay. On the flipside, 21% of those surveyed termed cryptocurrencies as a temporary fad. Nearly 98% said that the fraud in the cryptocurrency market is very much prevalent.
But despite some negativity, the overall perception about these digital assets has dramatically changed in the last few months.
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