Institutional interest in cryptocurrencies is on the rise, research claims.
A client survey by Goldman Sachs found 40 per cent of institutional investors currently have exposure to cryptocurrencies and 61 per cent expect their digital asset holdings to increase in the next 12 to 24 month.
The investment bank found that Bitcoin was the most popular cryptoasset (42 per cent) followed by Ethereum ether (29 per cent) and stablecoins (13 per cent).
More than a third, 35 per cent, of institutional investors believe spot pricing and volumes data would be the most helpful to better evaluate a potential investment in cryptocurrencies.
Another 29 per cent think the most important factor that drove the recent Bitcoin price action was the macro backdrop, while 57 per cent put it down to positive news, such as institutions investing in or offering additional products.
In 12 months’ time, more than half (54 per cent) believe the price of Bitcoin will be between $40,000 to $100,000 (£28,900 to £72,300) while 22 per cent forecast it will be less than $100,000.
A third of…