A new survey by JPMorgan Chase (JPM) has found that most institutional traders on Wall Street don’t want any exposure to cryptocurrencies.
JPMorgan, which is the world’s largest bank based on assets under management, surveyed more than 4,000 professional traders and found that 78% of them do not plan to trade crypto within the next five years.
Only 7% of the survey respondents said they see blockchain as an influential and useful technology, down from 25% in a similar 2022 poll.
Furthermore, 61% of the traders surveyed said that they expect artificial intelligence (A.I.) to shape the future of professional trading in the next three years.
JPMorgan interviewed over 4,000 traders for its 2024 e-Trading annual survey, which covers upcoming trends and important topics in the trading sector.
The declining interest in crypto among traders comes after a big downturn in digital assets during 2022. However, the negative views also come as a new crop of spot Bitcoin (BTC) exchange-traded funds (ETFs) takeoff in the U.S.
The price of Bitcoin has risen nearly 95% in the last 12 months, while smaller cryptocurrencies have also rallied off their 2022 lows.
JPMorgan's chief executive officer (CEO) Jamie Dimon has long been one of the most vocal critics of cryptocurrencies, referring to Bitcoin as a modern day “pet rock” fad, and saying that crypto “does nothing.”
The stock of JPMorgan has risen 25% in the last 12 months to trade at $174.80 U.S. per share.
