According to the Global Blockchain Business Council (GBBC) in a survey of Institutional Investors, at least 63 percent of respondents have said that senior business executives have a bad knowledge and understanding of blockchain technology.
A market research company – Pollright – in December and January, conducted an interview of 71 institutional investors which included hedge funds, pension funds and private equity. According to the interview, only 7 percent of respondents believe that senior business executives have a good understanding of blockchain technology.
30 percent believe that the knowledge here is only average, while the rest believe these executives have a poor understanding of blockchain.
More Responses from the Survey
Furthermore, 76 percent of all the respondents who took part in the survey expect global blockchain technology expenditure to increase by 108 percent in 2019. However, they do not believe in the commitment on the part of the senior business executives at large firms.
Generally, the respondents believe in the future of blockchain technology as 33 percent of them expect that there will be a significant increase in the usage of blockchain technology in banking and financial services in general.
Respondents also generally believe that the healthcare sector will greatly benefit from bockchain technology as much as the financial sector would.
Already, Mike Novogratz, an ex-Goldman Sachs partner and founder of Galaxy Digital – a crypto merchant bank – has predicted the Bitcoin institutional demand will experience an unprecedented rise within the first two quarters of 2019.
It is important however, to note that a few major organizations on Wall Street might be suspending moves to officially enter the crypto market. This is largely because of the instability of major cryptocurrencies as they seem to continuously dive. Some of them include Goldman Sachs, Morgan Stanley and Citigroup.