A survey was carried out by Thomson Reuters on 400 of its clients in the world regarding their perspective on crypto. According to the survey by Thomson Reuters out of 400 firms, 20% of them want to start crypto trading in the coming 12 months. Crypto trading is still a forte activity in normal finance; however, there is increasing interest, and it might support the growth of price. Last week, Goldman Sachs employed its first cryptocurrency expert, and is thinking of starting a trading desk.
Outcome of the Survey by Thomson Reuters
1/5 of finance companies are thinking of getting involved in cryptocurrency right now. Thomson Reuters indicated this in an industry survey. A poll of more than 400 clients of Thomson Reuters discovered that out of five, one is thinking of working with crypto, and most are considering joining the market in the coming six months. From mid-2017, interest in cryptocurrencies soared as the cost of bitcoin rose. In December, the usual interest led to CBOE and CME starting bitcoin futures.
However, these products have been traded thinly and cryptocurrencies institutional interest is still a niche disquiet. More than 200 hedge funds that are focused on cryptocurrency are found worldwide. But, their collective assets under supervision are just a maximum of $5 billion. Thomson Reuters’ co-head, Neill Penney stated, ‘Cryptocurrency presents a fairly small section of the overall trading market. But, from this poll, it is evident that this niche division is beginning to join the majority of the sector of financial services. Compared to a year back this change is drastic.’ From when the year began, the market for cryptocurrency has not progressed.
As of Monday, in December its value decreased from $800 billion to about $400 billion. A lot of crypto bulls think that an inflow of institutional cash might be prompt, which in fact assists in the improvement of the market. Last month, Bill Barhydt, Abra’s CEO (a cryptocurrency startup supported by American Express) informed Business Insider, ‘I confer with hedge funds, people of high net worth, and commodity speculators also. They analyze the vibrancy of crypto markets and regard it as a major opportunity.
After that occurs, this may get out of control.’ A Monday report revealed that Goldman Sachs has employed its first worker to specifically concentrate on digital currencies while the World Bank weighs the option of setting up a bitcoin trading desk.