A new survey out by Thomas Reuters shows some positive data that many cryptocurrency experts may have suspected. The survey shows that one in five financial institutions would consider trading in cryptocurrencies within the next 12 months. Surprisingly, 70% of those said they would be looking to trade cryptocurrencies in the next three to six months.
The survey covered more than 400 clients, which included hedge funds, trading desks with the largest banks as well as large asset managers. It was released on Tuesday, April 24th, 2018.
Since mid 2016, numerous high caliber cryptocurrency experts have been stressing that the cryptocurrency and blockchain technology sector is going to be bigger than the industrial revolution. Thus far their predictions seem to be taking momentum. IBM and numerous large corporations are latching onto blockchain technology and accepting cryptocurrency as payment. Moreover, numerous US states and cities have passed laws so that corporations may hold and share data on a distributed ledger.
Not only is the retail world jumping in on the game but so is the pornography industry. Mindgeek, which owns Pornhub signed on with Verge (XVG) to allow users the ability to make purchases with the popular privacy-centric altcoin which allows optional anonymous transactions.
In regards to hedge funds, Michael Arrington, who is the founder of the popular website TechCrunch and renowned venture capitalist, said that he is starting the first hedge fund focused entirely on cryptocurrency and crypto related assets.
Thomson Reuters says this is the first survey conducted of its type, so it was not possible to gauge how institutional appetite for cryptocurrency trading has changed over time.
Thomson Reuters is the parent company of Reuters News.