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

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

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 organizations size.

Although the majority of those surveyed (84%) stated their main concerns about investing revolves around the financial risk that comes from Bitcoins 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 things they want to know is what others are doing with Bitcoin. Almost the same number want to hear more from regulators on the matter to aid in their understanding of the inherent risks with holding the digital asset.

The study represents a stark increase of awareness from Gartner's 2018 survey in which only 66% of CIOs even knew about blockchain technology.