15.5 C
New York
Saturday, July 31, 2021

Crypto is ‘rat poison’, a third of mainstream investment firms tell JPM

Must read

Brasil bate Egito por 1 x 0 para avançar à semifinal do futebol masculino

Carteiras Recomendadas18 minutos atrás (31.07.2021 09:25) © Reuters. Matheus Cunha comemora gol do Brasil 31/7/2021 REUTERS/Molly Darlington TÓQUIO (Reuters) - A seleção brasileira de futebol masculino derrotou...

Turkish wildfire leaves charred home and ashes, as blazes continue

World22 minutes ago (Jul 31, 2021 08:21AM ET) 2/2 (C) Reuters. FILE PHOTO: A forest fire burns near the town of Manavgat, east of the resort...

New bill proposes US Treasury to have full authority over fiat stablecoins

Sign In/Free Sign Up 0 Cryptocurrency23 minutes ago (Jul 31, 2021 08:20AM ET) New bill proposes US Treasury to have full authority over fiat...

Relaxo Footwears Q1 results: Net profit up 27.8% to Rs 30.96 cr

New Delhi: Relaxo Footwears Ltd on Saturday reported a 27.83 per cent increase in net profit to Rs 30.96 crore in the quarter ended...


LONDON (Reuters) – Only 10% of institutional investment firms surveyed by JPMorgan trade cryptocurrencies, with nearly half labelling the emerging asset class as “rat poison” or predicting it would be a temporary fad.


Bitcoin, the world’s largest cryptocurrency, fell to a five-month low on Tuesday, extending losses from China’s deepening crackdown on mining and trading The U.S. Securities and Exchange Commission has said it would like to see more regulation around trading in the space.



Bitcoin was up 5% around $34,000 as of 1045 GMT on Wednesday.


Of those firms who did not invest, 80% did not expect to start investing or trading in cyptocurrencies, according to the survey conducted at JPMorgan’s Macro, Quantitative and Derrivatives conference, attended by some 3,000 investors from around 1,500 institutions.


However, asked about their personal investments, 40% of the investors said they were active in


Four-fifths of investors also expected regulators to get tougher on the asset class, while a whopping 95% of them believed fraud in crypto world was “somewhat or very much prevalent”, the survey released late on Tuesday found.


Billionaire investor Warren Buffett has in the past characterised bitcoin as “rat poison squared”. One third in the JPM survey agreed with that view. Another 16% thought it was a temporary fad.


In other findings, investors said they expected the U.S. benchmark stocks index S&P 500 to trade between 4,200 to 4,600 points by the end of 2021 and see a dial back in central bank stimulus and inflation as key market risks. S&P 500 closed at 4,246.44 on Tuesday.


(Reporting by Thyagaraju Adinarayan; Editing by Karin Strohecker anad Alison Williams)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor




Read our full coverage on cryptocurrencies



First Published: Wed, June 23 2021. 18:04 IST

- Advertisement -

Latest article

Brasil bate Egito por 1 x 0 para avançar à semifinal do futebol masculino

Carteiras Recomendadas18 minutos atrás (31.07.2021 09:25) © Reuters. Matheus Cunha comemora gol do Brasil 31/7/2021 REUTERS/Molly Darlington TÓQUIO (Reuters) - A seleção brasileira de futebol masculino derrotou...

Turkish wildfire leaves charred home and ashes, as blazes continue

World22 minutes ago (Jul 31, 2021 08:21AM ET) 2/2 (C) Reuters. FILE PHOTO: A forest fire burns near the town of Manavgat, east of the resort...

New bill proposes US Treasury to have full authority over fiat stablecoins

Sign In/Free Sign Up 0 Cryptocurrency23 minutes ago (Jul 31, 2021 08:20AM ET) New bill proposes US Treasury to have full authority over fiat...

Relaxo Footwears Q1 results: Net profit up 27.8% to Rs 30.96 cr

New Delhi: Relaxo Footwears Ltd on Saturday reported a 27.83 per cent increase in net profit to Rs 30.96 crore in the quarter ended...

Vôlei feminino vence Sérvia e mantém 100% de aproveitamento nos Jogos

Carteiras Recomendadas43 minutos atrás (31.07.2021 09:00) © Reuters. Brasileiras comemoram vitória sobre a Sérvia 31/7/2021 REUTERS/Valentyn Ogirenko TÓQUIO (Reuters) - A seleção feminina de vôlei do Brasil...