[Blockchain Today Reporter Park Yohan] More than 70% of the CFO (CFO) in the financial sector said they are watching the trend of Bitcoin before deciding to invest in Bitcoin.
In addition, 5% of CFOs said they have plans to invest in Bitcoin in 2021. 11% of respondents said they had an investment plan in 2024.
The survey, conducted by Gartner, was conducted with Tesla investing 8% of its assets ($1.5 billion) in Bitcoin. MicroStrategy also announced its intention to invest an additional $600 million in Bitcoin on February 16, US time.
The response of 77 respondents, including 50 CFOs, varied by industry. CFOs in the technology sector were active in investing in bitcoin, and 50% of respondents said that they expected companies to invest in bitcoin in the future, and there was no difference in responses depending on the size of the company.
Most of the respondents (84%) said that Bitcoin is highly volatile, making it difficult to make investment decisions. However, looking at the trend, they responded that there is a possibility to invest in bitcoin in some cases.
Over 70% said they would like to know about other investors’ bitcoin activities. Nearly the same number of respondents said they want regulators to be informed of the risks that can arise from owning digital assets.
“There are facts to remember,” said Alexander Bant, head of the Gartner Research Division. Currently, crypto assets are in their infancy. The role of financial executives is to keep the company’s accounting status stable. Therefore, it is unlikely to invest in an unknown field.”
Other factors limiting bitcoin investment are risk aversion (39%), the reality that crypto assets are slowly adopted as a payment or exchange method (38%), lack of understanding (30%), cyber risk (25%) and complex I heard the accounting process.
Due to the fact that there were few people who participated in the survey, it was difficult to derive statistically meaningful results. However, it is worth noting how corporate investment will affect Bitcoin. In the second half of 2020, excluding the finance and utility sectors among S&P globally registered companies, the company held $2 trillion in cash. This is more than twice the current market cap of Bitcoin, and there is a possibility that it will flow into Bitcoin.
Investment firm ARK Invest earlier this month argued, “Even if S&P 500 companies invest only 1% of their cash reserves in bitcoin, bitcoin can rise to $90,000.” ARK could go up to $400,000 if invested 10%.
Meanwhile, according to Gartner’s 2018 survey, only 66% of CIOs are aware of blockchain technology.
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