Financial executives have always had conflicting opinions on cryptocurrency. After opposing it for years, it seems a big shift in attitude has taken place. A new report by Greenwich Associates indicates 70% of executives believe cryptocurrencies are not going away. This is a positive change of heart during these crucial times for the cryptocurrency industry.
Financial Executives on Bitcoin
A few years ago, it seemed unlikely any financial executive had a positive thing to say about Bitcoin. Cryptocurrencies have been shunned by financial experts for a very long time. As the world’s leading cryptocurrency continues to attract attention, things have begun to change. Today, most financial executives show an interest in understanding how cryptocurrencies work. That is an important first step toward creating a viable ecosystem.
The new report by Greenwich Associates paints an interesting picture. More specifically, it shows institutional finance executives look at cryptocurrency in a very different manner. Rather than dismiss this form of money, there is a growing interest in exploring new opportunities. Some even go as far as affirming cryptocurrency “is here to stay.” A very bullish signal for this nascent industry.
A total of 141 executives have been polled for this survey. While it is a relatively small sample size, the sentiment cannot be ignored. There are still some concerns regarding future regulatory actions. A harsh stance can cripple the industry in quick succession. So far, no official stance has been made clear by policymakers in the United States. That situation will undoubtedly change in the years to come.
Embracing Banks and Service Providers
Some key findings of this report come as a big surprise. Several key areas of future growth are identified successfully. One aspect touches upon making cryptocurrencies more accessible to banks. That sounds a bit strange, considering how so many banks prevent customers from buying Bitcoin. Even so, any collaborative effort is worth exploring in this regard.
The future of Bitcoin ETFs will play an integral role in this regard. So far, the SEC has rejected all projects exploring this particular market. The lack of regulation, as well as native market volatility, are cited as two main reasons to disallow such investment vehicles. This has not diminished the hopes of companies looking to explore such vehicles.
Another interesting development is the increase in stablecoin offerings. Financial executives show a keen interest in these coins, as they make it easier to access cryptocurrencies. The new coins by Gemini and Paxos are a major step forward in this regard. These changes also confirm institutional progress in the industry as a whole. The year 2018 is shaping up to be a turning point for the industry, despite falling prices.
Were you surprised by the results of this survey of financial executives? Let us know in the comments below.
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