Of 835 institutional traders surveyed by JPMorgan, only 14% said they would either keep trading crypto in 2023 or had plans to do so this year.
According to a new survey conducted by JPMorgan, 72% of e-commerce companies reported “no crypto/digital currency conversion plan” in 2023.
The seventh edition of JPMorgan’s e-Trading Edit surveyed 835 traders from 60 different regions around the world about technological developments and economic factors that will affect trading performance in 2023. A survey revealed consumers’ backsliding on digital assets.
Only 14% of respondents said they will continue trading in the digital asset market or start trading this year. The remaining 14% of respondents said they did not plan to invest this year, but they may do so in the next five years.
The majority of corporate clients surveyed by JPMorgan – 92% – said they had no exposure to digital markets in their investment portfolios at the time of the survey, which was conducted from January 3 to January 23. This may be because almost half of the respondents cited the changing markets as the biggest challenge for effective day-to-day operations.
The U.S. Federal Reserve’s proposed 2022 shutdown is also likely to come into play, with 22% citing water availability issues as the biggest factor affecting business operations. The results of the survey come a few months after the opinion of investors and traders in the cryptocurrency market fell due to the terrible destruction of the environment of Terra (LUNA) and the trading platform FTX trading in 2022.
In another JPMorgan poll, 30% of respondents cited the risk of recession as the most important macroeconomic factor to watch, while 26% believed that inflation would affect business results the most. It should be said that trading generally refers to jumps in stocks or assets in weeks, days, and even minutes to make short-term profits, while investors have a long-term perspective.
Last year, a survey of institutional investors supported by the crypto exchange Coinbase found that 62% of institutional investors had invested in the digital market from November 2021 to the end of 2022, which seems like the long crypto winter is never-ending. A recent survey, in June, also showed that 71% of high-net-worth individuals have already invested in cryptocurrencies, while many others follow a long-term strategy rather than day-to-day trading.
In another study, the survey revealed that 12% of consumers consider blockchain technology to be the most influential technology in shaping the future of commerce, compared to 53% for artificial intelligence and machine-related technologies. These numbers are in stark contrast to the 2022 election, where blockchain technology and AI each received 25% of all votes.
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