Report Finds 72% of Finance Executives Believe Cryptocurrency is Here to Stay

A recent report published by Greenwich Associates shows that 72% survey respondents think cryptocurrencies are here to stay.

According to a recent report published by Greenwich Associates, 72% of 141 surveyed brokers, institutional asset managers, and hedge fund representatives think cryptocurrencies are “here to stay” despite the current bear market. The survey also found that 80% executives believe that a regulatory framework for cryptocurrencies will eventually be developed, which could positively impact the industry.

Richard Johnson, a vice president in Greenwich Associates’ Market Structure and Technology group, thinks that the survey’s results show there is sustained optimism in the cryptosphere, adding,

We’ve had a terrible market for crypto this year, but people are still coming out with a lot of great innovation and a lot of great ideas. / Richard Johnson

Some respondents do not share Johnson’s optimistic outlook on cryptocurrencies. A small portion (7%) of surveyed executives said they considered some cryptocurrencies to be better than others, which will cause most current available crypto assets to disappear while the most solid ones remain.

Another 10% of respondents answered they cannot see cryptocurrencies overcoming their speculative reputations, and will remain fringe assets, never really becoming widely adopted, while the remaining 10% of respondents think that the crypto market will be completely eliminated by a “regulatory crackdown”.

As part of the report, Greenwich also identified two main issues that need to be tackled to make cryptocurrencies more attractive for institutional investors; namely, financialization, which allows investors to gain more exposure to cryptocurrencies through investment vehicles like ETFs and futures; and custody-associated risks, which are related to the possibility that the custodians of the funds go bankrupt, or lose control of the assets in a security breach.