Despite the recent strength in cryptocurrencies, 72% of traders said they have no plans to trade cryptocurrencies or digital assets in 2023, according to a JPMorgan survey. In 2022, only 25% of traders expressed such thoughts.
The survey was conducted in January after a dismal 2022 for cryptocurrencies, with bitcoin plunging nearly 70% last year. Only 8% of traders said they are currently trading cryptocurrencies, and 14% said they planned to do so within five years, the survey showed.
Meanwhile, 6% of respondents said they have no current plans to trade cryptocurrencies, but plan to buy or sell within 12 months. Entering 2023, although Bitcoin has soared by 39%, this does not seem to be able to attract more bets from Wall Street investors, especially considering that the Fed’s interest rate hike process has not yet ended.