Even before the recent rally, most institutional investors were already bullish on cryptocurrencies in 2024 with expectations of high returns, according to a survey by Sygnum.
More than half of institutional investors (60 percent) are bullish on the crypto market and expect high returns in 2024, according to a report by digital asset banking group Sygnum entitled «Future Finance 23».
40 percent plan to wait until the first half of 2024 before investing with single token exposure being the most preferred crypto investment strategy, due to optimism in blue-chip assets like Bitcoin and Ethereum. The majority view the asset class favorably because of market upside and its role in «safe haven» strategies to hedge against traditional markets.
Mass Acceptance
According to Lucas Schweiger, Sygnum's digital asset research manager and the author of the report, cryptocurrency is rapidly gaining mass acceptance as an asset class that is here to stay. «As the crypto industry has evolved, many institutional investors have also evolved from skeptics to evangelists, with over 80 percent now agreeing that crypto has an important role in the global financial industry,» Schweiger commented.
The report was based on a survey of more than 150 respondents including Sygnum’s institutional client base and equity investors as well as professionals from banks, hedge funds, multi and single-family offices, distributed ledger technology (DLT) foundations, funds and asset managers. The survey was conducted before the strong crypto market rally commenced in November 2023.
