The Loss of Confidence in Blockchain Technology
A recent survey conducted by JPMorgan reveals that institutional traders are losing faith in blockchain technology. Out of over 4,000 respondents, only 7% remain confident in the potential of blockchain as an asset in the next three years. This marks a significant decline from 2022 when 25% held positive views.
Ranking of Prospects
Despite the decrease in confidence, blockchain technology still holds the third position among prospects, following API integration at 13% and artificial intelligence/machine learning at 61%.
Crypto Trading Plans
In terms of cryptocurrency, the survey found that 78% of respondents have no plans to trade digital assets. However, 9% are already engaged in crypto trading and 12% are considering entering the market within the next five years.
Decline in Blockchain Deals and Investments
Galaxy Digital reports that the blockchain and crypto industry experienced its lowest figures for deals completed and total capital invested since Q4 2020 during Q3 2023. The venture capital fundraising environment remains challenging but shows signs of potential improvement. In Q3 2023, venture capitalists raised $1 billion, marking the first uptick since declines began in Q3 2022. Additionally, there were 15 new fund launches compared to 12 in Q2. However, median and average fund sizes have decreased significantly from their highs during the previous bull run.
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