JP Morgan released an interesting survey this week. It polled 3,400 institutional investors — representing 1,500 firms — about their views on crypto. Here are some highlights:
- 11% of respondents work at firms that own or trade crypto.
- 22% said their companies are likely to invest in crypto in the future.
- 58% said crypto is “here to stay.”
Business Insider’s headline about the survey read “78% of institutional investors are not planning on investing in cryptocurrencies.” But I think the Business Insider headline missed the real story. This story is actually very positive news for crypto. First, even 22% of institutional investors saying they plan to invest in crypto is huge. A similar poll one year ago probably would have shown 5%. And 78% remain to be converted into believers.
I remain very bullish — particularly on bitcoin. Institutions are really just getting started. And it often takes years for these guys to make such a big change in strategy.
Despite recent disappointment in the Fed for not being “dovish” enough, I remain convinced that the only way out of the current fiscal mess is to print massive amounts of money, implement MMT and monetize the debt. This environment should remain a bullish catalyst for crypto for years to come.