July 29, 2021

Survey finds 5% of corporate CFOs plan to buy Bitcoin in 2021

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A small scale study of financial executives has found that 5% of companies intend to invest in Bitcoin (BTC) as a corporate asset this year, with a further 11% stating they could do so by 2024.

The survey conducted by Gartner comes on the back of news that Tesla invested 8%, or $1.5 billion of its cash reserve, into Bitcoin. MicroStrategy Inc. who has also invested large sums into the token announced a $600 million convertible bond offering Tuesday with the intent of using the proceeds to acquire additional Bitcoins.

The 77 respondents, including 50 CFOs among other executives, showed highly differing views based on the industry the company works in. The technology sector showed the most attraction towards Bitcoin with 50% of respondents from this industry anticipating holding the cryptocurrency in the future, with no difference based on the organization’s size.

Although the majority of those surveyed (84%) stated their main concerns about investing revolves around the financial risk that comes from Bitcoin’s high volatility, it also appears many are adopting a wait and see approach a the landscape develops.

More than 70% stated that one of the top thingsTitle: Survey finds 5% of corporate CFOs plan to buy Bitcoin in 2021
Sourced From: cointelegraph.com/news/survey-finds-5-of-corporate-cfos-plan-to-buy-bitcoin-in-2021
Published Date: Wed, 17 Feb 2021 02:04:48 +0000