Institutional interest in crypto-assets has risen as a result of the crypto market bull run. However, according to a new survey conducted by American bank JPMorgan, the latest boom in institutional lending is not as widespread as previously believed.
In a report published on Wednesday, the US news outlet business insider revealed this growth. JPMorgan surveyed over 3,4000 investors from over 1,500 institutions around the world, according to the study.
According to the report, 89 percent of respondents said their company does not trade or invest in cryptocurrencies. Simultaneously, 11% of respondents said their company has major cryptocurrency trades or investments.
Companies that do not exchange crypto-assets are unlikely to invest or trade in the future, according to 78 percent of investors. In comparison, 22% of respondents said their companies would consider it in the future.
The survey also disclosed institutional investors' attitudes toward cryptocurrencies. When asked about cryptocurrencies, 58 percent of investors believe they are here to stay, while 21% believe they are a passing fad. Just 7% of respondents believe it is a valuable commodity, while 14% believe it is one to avoid.
In addition, almost all investors (98 percent) who took part in the survey claim that the crypto industry is rife with fraud. This demonstrates that conventional financial institutions continue to view the crypto industry with scepticism.
The JPMorgan survey follows another study released by the analytical firm Blind, which revealed an interesting trend. According to the report, which polled 1,800 tech professionals, 57 percent of them now own crypto properties. Employees from JPMorgan and other top companies such as Amazon, Twitter, and Tesla were among the respondents.
Despite the findings of the JPMorgan study, recent events indicate that organisations are becoming more interested in cryptocurrencies. Several Wall Street firms and hedge funds have expressed interest in incorporating cryptocurrencies into their investment portfolios.
Customers who have been drawn to bitcoin's that price in recent months are being courted by financial institutions. Banks are not left behind, with America's oldest bank, BNY Mellon, announcing plans to launch a crypto custodial service in February.