Fidelity survey reveals institutional investors are eyeing cryptocurrency

02 May, 2019
by Richard Allen
Fidelity survey reveals institutional investors are eyeing cryptocurrency

According to a recent survey commissioned by Fidelity Investments, about half of institutional investors consider cryptocurrencies to be worthy of holding in portfolios, Bloomberg reports.

Fidelity, which began as a custody service to hold Bitcoin for its customers earlier this year, commissioned the survey in order to gain a better understanding of how pensions, family offices, hedge funds, endowments and foundations feel about owning cryptocurrencies as it works to build Fidelity Digital Assets.

The survey, which questioned 441 institutional investors from November to February, found that 72% prefer to buy investment products that hold digital assets, while 57% choose to buy them directly.

"That’s interesting because I’d argue that no one owns dollars or euros in a fund," Tom Jessop, president of Fidelity Digital Assets, said in an interview. Participants cited volatility, regulatory uncertainty and a lack of fundamentals to use in determining the right price for Bitcoin and other cryptos as their main concerns. Jessop added that the survey took place during a bear market.

The survey found 47% of institutional investors said digital assets are worth investing in, with the same percentage saying they appreciate cryptocurrency’s innovation. The survey also found that 46% of respondents like the low correlation between cryptocurrencies and other asset classes.

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