Institutional investment in cryptocurrencies increased in 2022 despite the bear market, according to a recent survey by Fidelity Digital Assets. In particular, the number of large investors betting on Ethereum has doubled over the past two years, as Chris Kuiper, head of research at Fidelity Digital Assets, revealed in a recent interview with Cointelegraph.
“The percentage of respondents who said they have invested in Ethereum has doubled since two years ago,” Kuiper pointed out.
Kuiper pointed out that Ethereum’s appeal in the eyes of institutions is likely to increase even more as Ether becomes a greener, revenue-generating asset after the merger.
In general, according to the same survey, institutional players are hoarding cryptocurrencies despite the crypto bear market. At the end of the second half of 2022, 58% of surveyed institutions held cryptocurrencies, a 6 percent increase from last year. Additionally, 78% planned to dip their toes into cryptocurrencies in the future.
The survey shows that the main reason is the belief in the long-term upside potential of digital assets.
“They’re agnostic to this crazy volatility and price because they’re looking at it from a very long-term perspective,” Kuiper explained.