Based on a brief survey by Gartner Inc, 5% of enterprises are interested in investing in Bitcoin as a viable form of an asset this year, with a further 11% saying they are open to the proposition by 2024.
The February survey also shows that 85% of respondents said buying bitcoins has never been part of their investment focus, at least not yet, because of the risk involved in the crypto’s high volatility. Seventy-seven finance executives, including 50 chief financial officers (CFOs), comprised the poll.
The 77 respondents had contrasting views on the basis of the market under which the enterprise operates. For instance, the tech industry is more geared towards Bitcoin (BTC), with half the survey respondents projected to cling onto the digital asset in the coming months, irrespective of the size of the company they are working for.
Multi-billion dollar industry
Around $640 billion worth of available investment can be tapped from the tech sector, although only a tiny percentage has been allocated for bitcoin investment.
Investment company ARK Invest indicated earlier this month that if “all S&P 500 companies were to set aside 1% of their cash” to bitcoin, the crypto’s price would grow by approximately $40,000, pushing the price to almost $90,000.
The Gartner study comes on the heels of news of Tesla buying $1.5 billion in bitcoin. MicroStrategy, who has also poured lots of money into bitcoin, disclosed a $600-million bond offering on Tuesday with plans to invest more into the digital currency.
A large portion of the respondents said their biggest concern about investing is the risk of volatility that the cryptocurrency is associated with. A good number of the study participants seem to be not in a rush and observing the dynamics of the trade.
“Finance leaders who are tasked with ensuring financial stability are not prone to making speculative leaps into unknown territory,” Gartner director of research Alexander Bant said in remarks quoted by CoinTrust.
The survey underscores a sharp increase in awareness from Gartner’s 2018 poll in which only 66% of chief investment executives had any idea about bitcoin and blockchain technology.
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