There is increased confidence in the asset class, which is likely to continue
As the popularity of digital currencies increases, more investors are looking into purchasing digital assets, Cointelegraph reports.
Institutional investors, wealth managers and hedge fund executives who have already purchased the currency plan on adding more to their portfolios. 82% of the wealth managers and investors will increase exposure to virtual currency by 2023.
40% of the investors plan to dramatically raise their digital currency holdings while 7% will reduce their exposure to the currencies. 1%, however, plans on selling all their virtual currency holdings.
Institutional crypto holders, however, do not have enough exposure to the currency seeing that they have been testing the currency’s market.
58% of investors who plan on holding more digital assets are looking at long-term growth prospects despite the 18% BTC and 215% Ethereum market slump since January 1.
38% of investors who claim to have crypto markets exposure have more confidence in the digital assets. 37% will invest further if more fund managers and leading corporates invest in the currencies.
Over the past year, more people invested in crypto assets compared to stock-related products. Four in ten people also plan to use cryptocurrencies to remit payments.
We’ve reported that banking giant debuts Bitcoin trading.