Survey: a third of institutional investors call cryptocurrencies ‘rat poison’

Only 10% of JPMorgan’s institutional investment firms surveyed trade cryptocurrencies. A third of respondents described digital assets as ‘rat poison’, according to Reuters.

On June 22 at the Macro, Quantitative and Derivatives conference, the financial holding company surveyed about 3,000 investors from around 1,500 institutions. 80% of organisations among those who had not invested in cryptocurrencies said they do not intend to do so in the future.

When asked about personal investments in digital assets, 40% of respondents said they interact with these instruments.

80% of investors expect regulators to impose tighter controls on the new asset class, and 95% of them believe that fraud in the cryptocurrency space is present to some degree or is widespread.

In 2018 Berkshire Hathaway chief Warren Buffett called Bitcoin ‘rat poison squared’. A third of participants agreed with this assertion. A further 16% consider digital assets a ‘temporary fad’.

Earlier Berkshire Hathaway invested $500 million in the crypto-friendly Brazilian neobank Nubank.

Back in June 2021, 81% of Bank of America’s fund managers described the Bitcoin market as a bubble. In May, 75% of respondents held that view.

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