Greenwich Associates released a new survey report on Wednesday suggesting that finance executives have an optimistic view of cryptocurrency’s future role in their industry. According to the report, authored by the consulting firm’s Market Structure and Technology group vice president Richard Johnson, more than 70 percent of those executives said that digital currencies are here to stay.
As Forbes reported:
The new survey found that the majority of the 141 institutional investment executives it polled believe that a regulatory framework will develop around cryptocurrencies, leading to growth and innovation, or that a few cryptocurrencies will survive and thrive, even if many others fail.
That optimism was not universally shared, of course. 10% of the surveyed executives predicted that digital currencies will never achieve their goal of widespread adoption and will instead continue to exist as a fringe asset class. An additional 10% of respondents were even more pessimistic, predicting that the government will eventually pass regulations that completely ban and eliminate crypto markets.
The survey report also suggested that there are certain things that could facilitate greater institutional involvement with cryptocurrencies and make the technology more accessible to financial entities. It cited the need for products like ETFs and a stable futures market, as well as effective custody solutions.
The report’s author expressed optimism, and suggested that institutional progress is still occurring in spite of the current market struggles and other setbacks:
“We’ve had a terrible market for crypto this year, but people are still coming out with a lot of great innovation and a lot of great ideas."