Chainalysis Survey: 48% of Bank Execs Say Bitcoin Will Be A Better Investment Than S&P 500 Next Year

    The one drawback for most of the financial professionals surveyed was the thought of BTC being used for illicit purposes. It seems some still need to have their mindsets changed as the use of bitcoin can be traced much easier than cash.

    A survey conducted by the blockchain analysis firm, Chainalysis, concluded that out of all the financial professionals polled, 48% believe that next year, Bitcoin will outshine the S&P 500, reports Decrypt.

    The sample size of the survey is 350, where a diverse mix of financial professionals, from bankers to regulatory agencies were polled. It seems like roughly 116 of these professionals stand by S&P 500 for having “the highest year-over-year-growth.” The next to make it to the list are Bloomberg Barclays Bond Index (13%) and the Housing Price Index (5%).

    That said, roughly 245 professionals see the existence of a possible global digital currency taking place sometime within the next 5 to 10 years. As for which country might have control over said currency, 33% believe it will the U.S., while an astonishing 21% believe it will be China.

    With such enthusiasm, one might be wondering why such professionals are pushing off the idea of getting involved in cryptocurrencies.

    Here’s what the CEO of Chainalysis, Michael Gronager had to say regarding it:

    “Despite their enthusiasm for cryptocurrency as an asset class, many [financial professionals] do not have a firm understanding of their risk exposure, or of providing banking services to cryptocurrency businesses.”

    The aforementioned leads to the main area of concern, which is the lack of regulation or the complexity of regulations that exist. As per the survey findings, 57% of respondents expressed hesitation due to regulatory concerns, followed by 39% who fear of the use of public blockchains for illegal activities and 17.9% who simply are concerned of not being able to with the regulations in place.

    Another popular reason among responds rests in the fact that the trading market lacks substance and executive support.

    Gronager went on to emphasize that,

    “While compliance issues in cryptocurrency present a valid concern, we think that financial institutions may not realize how solvable they are.”

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    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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