Around Half of Surveyed Large Businesses in Britain Own Crypto
A new research commissioned by software developer Citrix has found that 50% of large British businesses that participated in the survey have a crypto portfolio.
The study surveyed 750 IT decision makers in businesses with 250 employees or more – which qualify as large – and found that, on average, these businesses hold 24 Bitcoins each. Only 7% invest in Bitcoin alone, with the others boasting a more diverse portfolio – 54% also have Litecoin, 43% Ethereum, 33% Ripple’s XRP, and 29% Dash. Apparently, 57% of those holding Bitcoin sold off part of it during the December ‘17 high. Another 38% are considering selling some of it in the near future, while only 5% intend to HODL (hold the funds).
The survey also reveals the reasons behind owning crypto at all – although a meager 4% claim this to be in case of a ransomware attack, 64% of the respondents say that the price inflation caused hackers to target their stockpile, while 31% believe their business might become a target because of this. Still, only 5% have taken no additional measures to protect their hoard.
Security is another huge matter: 52% have implemented specific back-up procedures, 36% use cold storage (aka offline storage), 36% move their hoard to multiple wallets, 35% use a dedicated computer, and 22% are using dual control so multiple people are required to even access it. A worrying 18% say they are afraid of insider theft, however.
Finally, businesses reveal they are not exactly at ease with owning crypto: 35% are afraid of market crashes, 34% admit the volatility is discouraging them from buying more, and 18% are afraid of not being able to sell when they need to.
This relatively widespread adoption of crypto in larger businesses should be helpful for the market as a whole as more businesses, encouraged by these examples, dare to take the leap into the world of crypto.