A survey found that only 5% of executives in the financial sector want to hold bitcoin this year. 84% even completely reject Bitcoin. One of the reasons given by those surveyed was the volatility of the cryptocurrency.

The US market research company Gartner carried out the survey in February 2021. 77 executives from financial companies were surveyed, including 50 CFOs (chief financial officers).

What do executives say about Bitcoin?

84% (figures rounded) of the respondents stated that they never wanted to keep Bitcoin (BTC) as an asset in their company.

Only 16% said they were generally willing to incorporate Bitcoin into their company’s financial strategy. They didn’t seem to be in a hurry, however, as only 5% were willing to buy Bitcoin later this year. 1% of the participants referred to the years 2022 or 2023 for their acceptance of Bitcoin. 9% wanted to take even more time and buy Bitcoin only in 2024 or even later.

In view of the fact that Bitcoin currently seems to be storming from one all-time high to the next, the result is surprising. In addition, more and more large financial institutions are discovering Bitcoin for themselves and investing considerable sums. So why are the executives surveyed by Gartner so skeptical?

The reasons for the Bitcoin skepticism

In the survey, respondents were also able to state the reasons for their decision, although multiple answers were possible.

A full 84% said that the financial risk was too great because of Bitcoin’s volatility. 39% cited risk aversion on their respective board members.

38% of the respondents explained their rejection by saying that Bitcoin was being accepted too slowly as a means of payment or exchange. 32% had regulatory doubts.

A full 30% said they lacked the necessary skills or knowledge. After all, 25% said they were skeptical about cyber risks.

Alexander Bant from Gartner explained:

There are a multitude of unresolved issues with using Bitcoin as a corporate asset. It is unlikely that the assumption will rise quickly until we have more clarity on these challenges.

Watch the Bitcoin price from the sidelines

According to Bant, the visibly risk-averse attitude of the respondents stems from their professional role:

Finance executives whose job it is to ensure financial stability are usually not prone to speculative ventures in uncharted territory.

The example and profits of the more daring companies do not seem to be an incentive either.