49% of institutional investors agree that cryptocurrency is “rat poison,” as Warren Buffett puts it, or a fad – News Bitcoin News
Investment bank JPMorgan conducted a survey of thousands of investors from 1,500 institutions and found that 49% of them believed that cryptocurrency uses either “rat poison squared,” as Berkshire Hathaway CEO Warren Buffett uses to make bitcoin to describe, or “a passing fad”. ”
49% of Investors Said JPMorgan Cryptocurrency Is A Fad Or “Rat Poison Squared”
JPMorgan released the results of a survey conducted Tuesday at the company’s 24th Macro, Quantitative & Derivatives Conference. The event took place on June 11; around 3,000 investors from around 1,500 institutions took part. Marko Kolanovic and Dubravko Lakos-Bujas, two of JPMorgan’s top strategists, wrote:
Investors’ views on the future of cryptocurrency are very divided.
The survey results show that 42% of investors believe that cryptocurrency will stay and 9% even believe that it will become an important asset.
However, 49% of investors agree with Warren Buffett, CEO of Berkshire Hathaway, saying that cryptocurrency is “rat poison squared.” Additionally, 16% of respondents consider cryptocurrency to be a passing fad.
JPMorgan survey results. Source: CNBC anchor Carl Quintanilla
Regarding regulation, 81% of the surveyed investors expect stricter regulation of the cryptocurrency and 95% believe that fraud is “rather or very widespread” in the crypto world.
JPMorgan also found that only 10% of investors trade cryptocurrencies. Of those who don’t, only 20% plan to start trading. When asked about their personal investments, however, 40% of investors said they were active in cryptocurrencies.
Buffett has long been a critic of Bitcoin. In May 2018, the Omaha Oracle said BTC was “likely rat poison squared.” In February 2019, he said that “Bitcoin has no unique value at all. It doesn’t produce anything … It’s basically an illusion. “
Charlie Munger, Buffett’s longtime business partner, also compared Bitcoin rat poison. In May 2018 he said: “For me this is just dementia. It’s like someone else is trading shit and you decide you can’t be left out. ”Munger has not warmed up on Bitcoin, despite the cryptocurrency’s rising popularity with investors and traders. In May of this year, he said, “I hate bitcoin success. I don’t welcome any currency that is useful to kidnappers and extortionists and so on … I should humbly say that the whole damned development is disgusting and against the interests of civilization. “
What do you think of all of these investors who think Bitcoin is either rat poison squared, as Buffett said, or just a passing fad? Let us know in the comment section below.
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