Many hedge funds have “no intention” of cryptocurrency investing

Benjamin Franklin bitcoinsMany alternative investment managers are “unconvinced” by cryptocurrencies, according to a BarclayHedge survey.

More than two-thirds of hedge fund managers surveyed had “no intention” of investing in the currencies.

Thirty-seven per cent said cryptocurrencies were a “classic investment bubble” and the same percentage said the currencies may be important but were over-hyped.

Just over a quarter did say cryptocurrencies were an exciting investment opportunity.

The survey was of 119 hedge fund managers and commodity trading advisers.

Sixty-eight per cent said they would not invest in the area, though 24% said they either currently did or planned to invest within the next six months.

“This survey allows us to distinguish between public perceptions and professional opinions of cryptocurrencies,” says Sol Waksman, founder and president of BarclayHedge. “Although there is a great deal of media attention on this area, they are still far from achieving broad acceptance as a medium of exchange or a storehouse of value.”

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