A new poll of finance managers by Gartner Finance finds that a majority are not planning to hold bitcoin as a corporate asset. In their responses, most of the 77 finance leaders interviewed cite bitcoinâ€™s volatility as one characteristic of the crypto asset that is â€œextremely difficult to mitigate.â€
The Concerns of Finance Executives
The surveyâ€™s findings appear to contradict the growing sentiment that many more listed companies will follow in the footsteps of Telsa, Microstrategy, and Square Inc. In a statement released alongside the surveyâ€™s findings, Alexander Bant, chief of research at Gartner Finance reveals that 84% of the respondents believe that â€œbitcoinâ€™s volatility posed a financial risk.â€ In addition to the cryptocurrencyâ€™s volatility, the executives also name six other areas of concern.
As shown by the surveyâ€™s findings, about 39% of the respondents cite their boardâ€™s risk aversion as another factor that contributes to the decision not to hold BTC. About 38% cite the slow adoption of the crypto asset as an accepted form of payment or exchange. Regulatory concerns (32%) and lack of expertise in dealing with cryptocurrencies (30%) are the next major reasons cited by the top finance leaders.
Still, the findings suggest that understanding the impact of holding BTC on companies like Telsa and Microstrategy will become a factor for finance managers that may want to follow suit. According to Gartner Financeâ€™s statement:
Prospective Buyers Are Not in a Hurry
Meanwhile, the findings also show that 16% of respondents that are willing to adopt cryptocurrency as part of their organizationâ€™s financial strategy, appear to be in no rush to do so. Regarding those that have near term plans, the findings show:
In the meantime, the survey findings show that â€œthere was no difference in intent to hold bitcoin between small organizations ($1 billion revenue).â€ Fifty percent of respondents from the technology sector anticipate holding the leading cryptocurrency in the future. Private company finance executives were less favorable towards bitcoin with just 7% saying they would ever hold it.
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