Most Finance Execs Say Cryptos Are Here To Stay: Survey

Seventy percent (70%) of finance executives say that cryptocurrencies will play a role in the future of the finance industry. That's according to 141 institutional investment execs polled by Greenwich Associates. However, one in five had pessimistic sentiments about digital coins. According to Sept. 12 survey, 10% of respondents think that cryptos won't ever see mainstream adoption and another 10% said that regulations will eliminate the market altogether. Most Americans Aware Of Cryptos Macro trends indicate growing awareness of at least major coins. A different survey found that 79% of Americans are aware of at least one type of cryptocurrency, led by Bitcoin (CRYPTO: BTC) with 71% of respondents recognizing it. The YouGov Omnibus survey was conducted on Aug. 29 and 30. Ethereum (CRYPTO: ETH) had 13% recognition. On Thursday, ETH gained over 20% as of press time, jumping from $188 to $210. Over the past few days, several investment professionals voiced their belief that Ethereum is undervalued after suffering a hit during the recent price slump. Today's market correction seems to support the view that ETH is underpriced. Satis Group recently forecasted Ethereum to hit $882 next year. Recognition Of Bitcoin Americans know cryptocurrencies more than Russians. An Aug. 7 survey by research firm Romir found that 44% of Russians have heard of cryptos and 15% claim a solid understanding of them; 1,500 respondents participated in the survey. Forty-four percent (44%) of the same respondents had heard of cryptocurrencies and 13 percent said they had a good understanding of them. A different Jan. 2018 survey found that 56 percent of Russians had heard of Bitcoin. Three in four people (74%) in Moscow are aware of BTC. Despite the recent price slump, Bitcoin has showed resiliency despite negative media coverage. It has largely stayed in the $6,500 range and saw modest 3% gains as of press time. BTC's one-month peak was near $7,355 on Sept. 4 per CoinMarketCap. Millennials Like Cryptos As younger people join the investment community, more individuals seem to hold positive sentiments about cryptocurrencies. According to YouGov Omnibus survey, 36% of respondents said they believe cryptocurrencies will become widely accepted for legal purchases in the next 10 years. Cryptos are more popular with millennials than any age group. Forty-eight (48%) of millennials said they'd use digital coins in place of the U.S. dollar. Nearly one in five U.S. students (18%) said they own cryptos, according to Aug. 28 Coinbase survey. It also found strong demand for crypto and blockchain courses at university level. Thirty-four percent (34%) of computer science and engineering majors are interested in studying the topics while 47 percent of social science majors indicated the same. "The widespread sense of regulatory confusion – combined with cryptocurrencies’ enormous value losses in recent months – might be expected to hamper investment," stated Foley's authors of 2018 Cryptocurrency Survey. "However, most respondents expressed a willingness to take on legal risk and invest in or develop cryptocurrency businesses." "The vast majority of respondents expressed a desire for greater regulatory certainty, with 84% indicating that initial offerings of cryptocurrencies should be regulated by the federal government, states or both. 68% want regulation for ongoing purchases and sales of cryptocurrencies, and 55% say it’s needed when it comes to paying for goods and services."