Home » Wall Street’s Conflicted Sentiment on Crypto

Wall Street’s Conflicted Sentiment on Crypto

by Logan King

JPMorgan recently conducted a survey of 835 institutional traders to gauge market sentiment for the coming year. The survey found that 100% of the respondents planned to increase their electronic trading activity, including crypto, commodities, and derivatives. 58% of those surveyed said they would be trading crypto on e-trading platforms in 2023, and this figure increased to 69% for 2024. However, 72% of those polled said they had no plans to trade crypto/digital coins in 2023, with only 14% saying they planned to do so within 5 years.

In contrast, a survey by retail trading giant eToro found that 69% of retail investors were unfazed by the 2022 bear market. JPMorgan CEO Jamie Dimon has been very outspoken about Bitcoin and its brethren, referring to it as a “pet rock” and advising people to stay away from cryptocurrencies. Despite this, crypto markets have surged 3.4% on the day to reach their highest levels since mid-August, with Bitcoin topping $24,000 and Ethereum just shy of $1,700.

Overall, these surveys do not provide an accurate picture of overall market sentiment, which has been bullish so far this year. Despite negative sentiment from mainstream media, the crypto markets have continued to surge, suggesting that institutional traders and retail investors alike are optimistic about the future of digital assets.


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