JPM Survey: 30% Agree With Warren Buffett on Bitcoin Being ‘Rat Poison’
A survey conducted by the American multinational investment bank JPMorgan Chase & Co. revealed that most big investors do not find the crypto market appealing as only 10% of the participants asserted they trade digital assets. Moreover, 30% of the people agreed with Warren Buffett’s opinion that BTC is a ”rat poison.”
The American Institutional Investors Stay Away from Crypto
JPMorgan Chase & Co. surveyed around 3,000 US investors from more than 1,500 institutions.
The vast majority of the participants (90%) said their companies don’t invest in digital assets as 80% of them asserted they would never enter the crypto market.
It is worth noting that nearly 30% of the surveyed shared a similar opinion with the crypto disbeliever Warren Buffett that Bitcoin is a ”rat poison.” An additional 16% of the investors stated that the primary digital asset is a ”temporary fad.”
Four-fifths of the participants raised hopes for tougher restrictions on dealing with crypto. At the same time, almost every single attendant opined fraud in the space was “somewhat or very much prevalent.”
On the other hand, 40% of the investors affirmed that they have been active on the crypto market with their personal investments.
The Younger Generation Is Fond of Crypto
Another recent survey conducted by Spectrum Group revealed that most of the rich millennials in the US think differently.
According to the results, almost 50% of the young investors with at least $1 million in their portfolio have staked no less than 1/4 of their wealth in cryptocurrencies. A further 30% of the poll participants have allocated more than half of their assets in the crypto market.
The president of Spectrum Group – George Walper – explained why the younger generations find the market so attractive:
”The younger investors jumped on it early when it was not as well know. They were more intellectually engaged with the idea even though it was new.”
On the other hand, the majority of older investors owning at least $1 million are not keen on digital assets as 83% of them do not believe in them. As a matter of fact, only 1 in every 10 keeps more than 10% of their funds in cryptocurrencies:
”Older investors and the boomers were largely saying ‘Is this legit?’ Older generations are further behind on the understanding.”