As for their personal investments, 40% indicated that they are placed in cryptocurrencies.
Investors call on regulators to be tougher against cryptocurrencies.
The most recent survey conducted by investment firm JP Morgan revealed that 10% of the 1,500 participating institutional firms applied by the financial firm trade cryptocurrencies. I mean, at least 150 institutions are already participating in the bitcoin market.
The information was released on June 23 by the Reuters news agency. According to them, almost half of the institutional firms consulted consider cryptocurrencies as “a passing fad.”
The survey determined that of the companies that have not invested so far, 80% also have no plans to start investing or trading cryptocurrencies in the future. The study was conducted on about 3,000 investors representing 1,500 institutions present at the Macro, Quantitative and Derivatives Conferenceorganized by the world’s largest bank.
On the other hand, four-fifths of investors expected regulators to have tougher policies against cryptocurrencies. For its part, a 95% of respondents believe that fraud in the world of cryptocurrencies was ” very common”.
Notably, when this group was asked about their personal investments, 40% indicated that they had cryptocurrencies in their portfolios. This is perhaps in response to the systemic risks they perceive from the continuation of stimulus packages in the United States and an increase in inflation. In that regard, investors expect the US benchmark stock index S&P 500 to trade between 4,200 and 4,600 points by the end of 2021.
Warren Buffet: bitcoin is worthless
Other investors, such as the case of billionaire Warren Buffet have qualified bitcoin in the past (btc) as something worthless and swore it will never own cryptocurrencies, as a Crypto News review on February 25, 2020. The entrepreneur is mentioned because many investors quoted the phrase he said a few years ago when he called BTC “rat poison”.
Buffett also stated that cryptocurrencies “basically have no value and produce nothing,” adding that “you can’t do anything with them except sell them to someone else. In that case that person you sold them to now has the problem.”
However, since January of this year the Bitcoin market price exceeds the billionaire’s company. With a price above USD 32 thousand, bitcoin capitalization surpasses that of Berkshire Hathawaywhich Warren Buffet runs.
Similar situation occurred in May 2021 when the price of bitcoin stood at $ 39,800. With this he achieved surpass in its market capitalization 98% of the shares in which the billionaire’s company invests Warren Buffett.
Despite Warren Buffet’s disqualifications against bitcoin it has proved to be a strong currency over time and is being used as legal tender in El Salvador. At the time of writing this note its price is USD 33,839 with an increase in the last 24 hours of 3.17%.