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Goldman Sachs survey reveals increased institutional crypto adoption

Goldman Sachs
Goldman Sachs

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Goldman Sachs, one of the largest financial institutions globally, recently completed a survey on the insurance sector. The survey results from some of the largest global asset managers showed that they recognized cryptocurrencies as a solid investment.

The insurance sector is interested in crypto

The survey included the first time Goldman Sachs asked about crypto and its relation to the insurance sector. Over the past year, insurance companies have been closely monitoring the space, and in December 2020, MassMutual Insurance Company announced a $100M investment in Bitcoin.

“The vast majority of insurers are not considering investing in cryptocurrencies. American insurers are slightly more interested, with 11% currently invested or considering investing in cryptocurrencies, compared to Asian insurers at 6% and European insurers at %. However, this level of interest is still notable,” the survey added.

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The survey also assessed macroeconomic factors affecting the global crypto landscape. These factors include inflation, investment fears, yield generation, and Environment Social and Governance (ESG).

6% of the respondents in the survey revealed that crypto was the asset class with the potential to deliver the highest returns over the next year. 9% of the respondents agreed that cryptocurrencies were the leading asset class.

On the other hand, 16% of the respondents said that cryptocurrencies would give the lowest returns in a year. Digital assets also performed better than other types of bonds, cash, and short-term financial instruments. Regarding expanding or downsizing investments, 1% of the respondents agreed they would increase their investments, while 7% said they would sustain the given allocations.

Goldman Sachs is surprised by survey results

The Global Head of Digital Assets at Goldman Sachs, Matthew McDermott, said that he was surprised by the growing adoption of cryptocurrencies globally. The executive said that the rate at which global asset managers were adopting digital assets showed potential in the sector.

“As the crypto market continues to mature, coupled with growing regulatory certainty, a cross-section of institutions are becoming more confident to explore investment opportunities as well as recognizing the disruptive impact of the underlying blockchain technology,” McDermott added.

The Goldman insurance survey 2022 further said that global asset managers were turning towards the cryptocurrency market because of the rising inflation rate. There have also been reports that Goldman Sachs is seeking strategic partnerships in the crypto space, including one with FTX to access derivatives trading.

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