Fidelity Investment Reveals 58% of Institutional Investors Invest In Crypto.
There is still a lot of interest in Bitcoin despite the fact that it is trading for 70% less than its all-time high of $69,044 reached during the hot bull market.
The Bullish on Crypto
Fidelity, the Boston-based investment giant, revealed today that 58% of institutional investors had digital assets in their portfolios as of the start of 2022, a 6% increase over the year.
An announcement by the firm said 74% of institutions are considering digital assets for future purchases, while 51% view digital assets positively, up from 45% in 2021.
“The results are in! The Fidelity Digital Assets 2022 Institutional Investor Digital Assets Study reveals new insights into investor perceptions and adoption of digital assets across the U.S., Europe, and Asia,” tweeted Fidelity.
The results are in! The Fidelity Digital Assets 2022 Institutional Investor Digital Assets Study reveals new insights into investor perceptions and adoption of digital assets across the U.S., Europe, and Asia: https://t.co/WLL5d606I0 pic.twitter.com/YnBSITusDV
— Fidelity Digital Assets (@DigitalAssets) October 27, 2022
Meanwhile, Tom Jessop, the president of Fidelity Digital Assets said “ While the markets have faced headwinds in recent months, we believe that digital assets fundamentals remain strong and that the institutionalization of the market over the past several years has positioned it to weather recent events.”
It’s important to note that the survey period ended in June; despite a dip in prices, investors continued to pour money into crypto investment funds in the first half of this year.
It’s possible that things have changed since then, with Bitcoin’s price and those of all other cryptocurrencies plummeting further.
Traditional investors withdrew hundreds of millions of dollars from Bitcoin funds at the end of June.
There were 1,052 institutional investors in Fidelity’s survey, spread across the United States, Europe, and Asia. “Institutional investors” include hedge funds, financial advisors, and wealthy individuals.
The biggest cryptocurrency–Bitcoin–exploded in value in 2020 and through the end of 2021 largely due to institutional investors and a software company called MicroStrategy deciding to include it on its balance sheet.