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HomeLaw & PoliticsHong Kong institution seems to oppose virtual currencies: Survey

Hong Kong institution seems to oppose virtual currencies: Survey

As a result of the recent sell-off, Hong Kong’s institutions seem to be against virtual currencies, according to a recent survey conducted by crypto exchange Bitstamp.

According to the report, which cites a poll of cryptocurrency investors that was carried out by the cryptocurrency exchange Bitstamp, virtually every tenth of institutional investors had plans to either reduce their exposure to cryptocurrencies or altogether abandon cryptocurrency. When compared to the prior quarter, this indicates a considerable rise in overall activity.

Fewer than one-third of the institutional investors polled said that they would increase their level of investment in crypto assets. James Quinn, an analyst at Q9 Capital, was quoted as saying to the publication that institutional investors are now noticeably less engaged in the industry since they are no longer able to earn “easy money.”

On the positive side, the great majority of institutions situated in Hong Kong said that they would recommend to their customers that they invest in cryptocurrency. The overwhelming majority of those who took part in the study have faith in digital assets. This demonstrates that institutional investors are not quite ready to give up on cryptocurrencies just yet, despite the abysmal performance of cryptocurrencies and the macroeconomic headwinds they face.

Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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