Investment bank JPMorgan conducted a survey of thousands of investors from 1,500 institutions and found that 49% of them think that cryptocurrency is either “rat poison squared,” the term used by Berkshire Hathaway CEO Warren Buffett to describe bitcoin, or “a temporary fad.”49% of Investors Told JPMorgan Cryptocurrency Is a Fad or ‘Rat Poison Squared’
JPMorgan released the results of a survey it conducted at the firm’s 24th Macro, Quantitative & Derivatives Conference Tuesday. The event took place on June 11; it was attended by some 3,000 investors from around 1,500 institutions. Marko Kolanovic and Dubravko Lakos-Bujas, two of JPMorgan’s top strategists, wrote:Investors’ view on cryptocurrency’s future is very divided.
The survey results show that 42% of investors feel that cryptocurrency is here to stay and 9% even believe that it will become an important asset.
However, 49% of investors agree with Berkshire Hathaway CEO Warren Buffett and said that cryptocurrency is “rat poison squared.” Moreover, 16% of respondents see cryptocurrency as a temporary fad.JPMorgan’s survey results. Source: CNBC anchor Carl Quintanilla
In terms of regulation, 81% of investors surveyed expect tighter regulations of cryptocurrency and 95% believe fraud is “somewhat or very much prevalent” in the crypto world.
JPMorgan further found that only 10% of investors trade cryptocurrencies. Of those that do not, only 20% plan to start trading them. However, when asked about their personal investments, 40% of the investors said they were active in cryptocurrencies.
Buffett has long been a critic of bitcoin. In May 2018, the Oracle of Omaha said BTC was “probably rat poison squared.” In February 2019, he said th...