In line with a latest survey by Goldman Sachs, extra household places of work present no real interest in cryptocurrencies than two years in the past.
Household places of work are sometimes wealth administration corporations that work with rich people and households. The survey, performed in January and February, gathered responses from 166 household places of work all over the world.
In line with the findings, about 26 p.c of household places of work spend money on cryptocurrencies, and by 2021 – 16 p.c.
Nevertheless, the variety of respondents who don’t spend money on cryptocurrencies and haven’t any future curiosity in coming into the area has elevated considerably, from 39% two years in the past to 62%. Over the identical interval, the share of respondents who have been “probably ” on this asset class fell from 45% to 12%.
The survey additionally revealed that household places of work in Asia Pacific (APAC) spend money on cryptocurrencies at a price of 30 p.c, barely greater than comparable corporations within the Americas or EMEA. Nevertheless, the overall pattern is that household places of work are declining in curiosity in cryptocurrencies.
The report attributes the decline in curiosity to a number of elements, together with excessive volatility and regulatory uncertainty surrounding cryptocurrencies.
Survey respondents additionally cited issues about cybersecurity and the shortage of transparency within the cryptocurrency market.
A Goldman Sachs report highlighted the necessity for larger readability and regulation within the cryptocurrency market to draw institutional traders.
The report notes that whereas many traders are interested in the doubtless excessive returns of cryptocurrencies, they’re additionally cautious of the dangers related to the asset class.
Household places of work’ declining curiosity in cryptocurrencies displays broader developments amongst institutional traders. A number of main monetary establishments, together with JPMorgan and Financial institution of America, have expressed skepticism about cryptocurrencies in latest months.
Nevertheless, the report additionally famous that some household places of work are nonetheless considering cryptocurrencies and actively investing.
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