Recently, a study on a small scale has been carried out by Gartner on the executives in the financial industry. The study shows that at present, there are 5% of financial companies are planning to invest in Bitcoin (BTC) in 2021. Apart from the 5%, there are 11% more financial companies planning to do the same but not yet. As per the survey, 11% of financial companies plan on doing it by 2024.
Over the course of time, Bitcoin (BTC) has turned out to be one of the most reliable and secure sources of investment. This is the reason why the majority of the mainstream institutions are now acquiring Bitcoin (BTC) in large volumes for holding.
The survey has been conducted by Gartner following the news that has currently surrounded the Bitcoin (BTC) industry from Tesla. As per the reports, Tesla had reportedly invested 8% of its reserves in cash that it has invested in Bitcoin (BTC). As of now, 8% of the cash reserves invested by Tesla in Bitcoin (BTC) translate to $1.5 billion.
Before Tesla, it was MicroStrategy that was all over the Bitcoin (BTC) platform for its continuous investments in Bitcoin (BTC). Throughout the year 2020, Bitcoin (BTC) made several investments starting from August of 2020 and all the way until the end of December 2020.
Only in the year 2020, MicroStrategy invested $1.125 billion worth of its portfolio and gathered a total of 70484 Bitcoin (BTC) in the process. Later in 2021, MicroStrategy started off its year by investing another $10 million and acquired 300 Bitcoin (BTC), bringing its total count to 70784 BTC.
However, the firm has not stopped there as it has just announced that it will be making another huge investment in Bitcoin (BTC). MicroStrategy has announced that it will be offering a $600 million program for convertible bonds. The firm plans to invest the proceeds from the program to acquire more Bitcoin (BTC).
There were a total of 77 surveys conducted among 77 different respondents. The firm revealed out of the 77 respondents, 50 were chief financial officers from different institutions. These respondents had somewhat different views to share around Bitcoin (BTC). Their decisions and views were other than the ones favoring Bitcoin (BTC) based on their fields of expertise.
Out of all the sectors, it is the technology sector that has showed the highest amount of interest in Bitcoin (BTC). As of now, 50% of the respondents from the technology sector are considering investing in Bitcoin (BTC) as a long-term investment solution.
These technology firms are also anticipating seeing cryptocurrency solutions take over the fiat currency solutions in the coming years.