- Evertas, the world’s first cryptocurrency insurance company, has said that institutional investors are optimistic about Bitcoin’s future price
- A survey of institutional investors found that 60% were bullish about Bitcoin’s price in 2020
- The survey also showed that insufficient custody options is still a barrier to institutional adoption
The CEO of Evertas, the world’s first cryptocurrency insurance company, has said that institutional investors are “clearly optimistic about the future valuation of Bitcoin”. Evertas, which focuses on covering institutional holders of cryptocurrencies, conducted a survey of investors who collectively manage $78.4 billion of AUM and found that while the majority were bullish about Bitcoin, there were still many reservations about the quality of crypto insurance currently on offer.
Evertas Finds Institutions Bullish on Bitcoin
Evertas CEO J. Gdanski revealed the results of its survey to Institutional Asset Manager website, which showed that the asset managers were broadly broad optimistic about Bitcoin’s price, with 60% thinking Bitcoin would be worth over $12,000 by the end of 2020 and 40% thinking it will be over $15,000.
Less than one quarter believed that Bitcoin would see out the year being worth $10,000 or less, which shows a surprising amount of bullishness given the perceived view of traditional asset managers on the sector.
Custody Problems Still Persist
Despite this optimism however, a significant proportion of Evertas respondents had concerns over the infrastructure of custody in the cryptocurrency sector. For example, 88% said they were worried about the lack of adequate insurance cover for crypto assets, and for those that did exist, 92% were concerned about the quality of these services.
Custody of crypto assets has long been a barrier to institutional adoption of cryptocurrencies, as the Evertas survey laid bare. Back in November 2018 Goldman Sachs warned that a lack of adequate custody was holding institutional investment back, and it seems that the situation has not improved in the intervening time.