Only 10% of Inst. Invest. Firms Trade Crypto: JPmorgan Survey
The crypto sector has been facing constant ups and downs for a month now. Amid its struggle, JPMorgan revealed the findings of its latest survey. The survey reported that among the institutional investment companies JPMorgan survived, only 10% of them trade crypto.
What is worse is that almost half of them consider crypto rat poison as they predict it will be a temporary trend. No one cannot outright deny the sentiment since Bitcoin, the biggest cryptocurrency, lost almost 50% of its market value the previous month. While Bitcoin manages to gain some occasional momentum, it is nowhere near its all-time high of 64,000 dollars.
Ever since Tesla refused to accept Bitcoin and China imposed a ban on cryptocurrencies, Bitcoin and every other crypto have not fully recovered. On top of that, the US SEC (Securities and Exchange Commission) wants to see more regulation in the crypto trading circuit.
Among the firms that did not trade crypto, over 80% stated that they didn’t expect to invest or trade in crypto. The survey revealed the information at the latest conference facilitated by JPMorgan. Over 3,000 investors and traders from 1,500 institutions took part in the conference. However, almost 40% of the traders and investors accepted being active in the crypto trading circle.
Almost 95% believed that fraud is very much or at least somewhat common in the crypto sector. Warren Buffett (billionaire investor) has already stated Bitcoin as rat poison squared in the past. Over 1/3rd of the institutions in the survey agreed with the view, while 16% deemed it to be a temporary trend.
The latest survey by JPMorgan released several interesting findings regarding the crypto sector. First, even in 2021, over16% of the institutions believe Bitcoin is a temporary trend. Second, while many investors trade crypto, they still believe that fraud is common in the crypto sector.