84% of 77 CEOs are still unsure about investing in crypto
According to a brief survey conducted by Gartner Inc, 5% of businesses are interested in investing in Bitcoin as a viable form of asset this year, and another 11% said they are ready to accept the offer by 2024.
Multibillion-Dollar Industry Is Careful With Bitcoin
A February Gartner Inc survey shows that 85% of respondents said that buying Bitcoin has never been part of their investment focus, at least not yet, due to the risk associated with the cryptocurrency’s high volatility. The survey included 77 chief financial officers, including 50 chief financial Officers (CFO).
77 respondents held opposite views based on the market in which the company operates. Thus, the technology industry is more focused on BTC, with half of respondents predicting to cling to the digital asset in the coming months, regardless of the size of the company they work for.
The available investment of about $ 640 billion can be obtained from the technology sector, although only a tiny percentage is allocated to Bitcoin investments.
ARK Invest company reported earlier this month that if all S&P 500 companies set aside 1% of their money for Bitcoin, the cryptocurrency would rise by about $ 40,000, bringing the price to almost $ 90,000.
Gartner’s research also took into account the news of Tesla’s $ 1.5 billion Bitcoin purchase. MicroStrategy, which has also invested heavily in MTC, on Tuesday announced a $ 600 million bond offering with plans to invest more in the digital currency.
Most of the respondents said that they are most concerned about the risk of instability associated with cryptocurrency when investing. It seems that many participants in the study are not in a hurry and observe the dynamics of trading.
“Financial executives charged with ensuring financial stability are not prone to speculative leaps into uncharted territory,” Gartner research director Alexander Bunt said in comments quoted by CoinTrust.
Are the big companies paying attention, and will others follow?
As mentioned earlier, Bitcoin has received a big boost from Tesla and Mastercard. PayPal and BNY Mellon have also made big strides in adopting cryptocurrencies.
Last week, Tesla bought $ 1.5 billion worth of Bitcoin, and Musk announced that he was considering cryptocurrency as a form of payment for his electric vehicles. Mastercard, on the other hand, also issued an official statement acknowledging the importance of digital assets.
“Whatever your opinion on cryptocurrencies-from fanatic to extreme skeptic, the fact remains that these digital assets are becoming an increasingly important part of the world of payments”.
Intrigued by the hype caused by the recent rise in the value of Bitcoin, Mastercard announced support for the cryptocurrency on its network. Uber is also considering using cryptocurrency for payment.
Its CEO, Dara Khosrowshahi, told CNBC that they discussed but “quickly dismissed” the idea of buying Bitcoin, as Tesla did.
“We’re going to save our cash. We don’t speculate,” says Khosrowshahi.
Meanwhile, there are other companies that could reportedly follow Tesla’s bold move on BTC. According to Investor Place, the outstanding BTC price rally has attracted interest from Morgan Stanley (NYSE: MS) and JPMorgan.
JPMorgan co-president Daniel Pinto said he expects Wall Street to participate in cryptocurrencies. He told CNBC: “If it develops over time into an asset class that will be used by various asset managers and investors, we will have to participate. There is no demand yet, but I am sure that one day it will appear.”