After Tesla, MicroStrategy and other corporations have invested in Bitcoin, experts are wondering if more companies will do the same. However, few companies are ready to take this step, according to a new poll.
Corporations skeptical of Bitcoin
The vast majority of corporations have no plans to invest in Bitcoin either this year or in the years to come. At least, that's what emerges from a Gartner survey of around 80 CFOs and other executives.
The survey found that only 5% of corporations are considering investing in the world's largest cryptocurrency in 2021, and 1% in 2022-2023. Nevertheless, 9% can buy Bitcoin in a few years - in 2024 or later. At the same time, as many as 84% will probably never invest in this asset.
Interestingly, respondents' views on Bitcoin turned out to be very different depending on the industry in which the company they represent operates in. The greatest interest in cryptocurrency can be seen among companies from the technology industry.
50% of tech respondents predict that (their company) will own a cryptocurrency in the future," the report said.
Volatility is the main problem
According to the survey, Bitcoin's volatility poses the biggest problem for corporations. 84% of respondents said that coin volatility "represents a financial risk". "It would be extremely difficult to smooth the cryptocurrency price volatility seen in recent years," said Alexander Bant, head of research at Gartner.
The management board's risk aversion (39% of responses), the slow adoption of cryptocurrency as an accepted form of payment (38%) and regulatory concerns (32%) were also mentioned among the problems preventing corporations from investing in Bitcoin. About 30% of respondents also indicated a lack of knowledge about cryptocurrencies.
The most important case. Everyone is waiting for the movement of others.
It is worth mentioning that over 70% of respondents said they were waiting for moves from other corporations and companies in the field of cryptocurrencies. Almost as many want to learn more from regulators about them to better understand the opportunities and risks of owning digital assets.
The poll was conducted shortly after Tesla revealed it had bought $ 1.5 billion worth of Bitcoins. MicroStrategy has also invested a significant amount of money in cryptocurrency - a total of about $ 1.1 billion - and yesterday announced that it intends to buy even more coins, for at least $ 600 million.
