Goldman Sachs Survey Reveals More Insurers Are Keen On Crypto And Bitcoin

A recent survey by the Wall Street investment banking giant, Goldman Sachs, has revealed some insights from the insurance industry. An interesting thing about the recent annual insurance survey is that it focuses on cryptocurrency for the first time.

Approximately 328 senior-level executives from different insurance firms participated in the study. From the survey outcome, 6% of the respondents affirmed that they have an existing investment in cryptocurrency or are seeking to learn more.

Moreover, as a collective, these respondents handle close to a quarter of the $26 trillion global insurance sector.

Most of the respondents showing their willingness to invest in crypto are Americans. However, most insurers have shown no sign of interest in crypto investment, as per the report. However, American insurance players are slightly more keen on digital asset investment.

Adoption on the Rise Amid Market Slump

Mike Siegel, Goldman Sachs head of insurance asset management, revealed that the respondents represent part of the $13 trillion global insurance asset managers. In essence, the survey reflects the thoughts of the insurance industry.

Meanwhile, the survey revealed that cryptocurrencies weren’t the preferred choice. They are fifth after equities, commodities, and the emerging equity market. Interestingly, digital assets are chosen over corporate loans, banking loans, debt funds, and finance houses.

A recent report also disclosed that JPMorgan even invested in cryptocurrency over real estate and other markets.

Market decline notwithstanding, cryptocurrency is still seen as a viable alternative to the traditional financial system. The market may have been in turmoil over the past few weeks, but the industry is as promising as it was before the slump.

Amid the bearish trend, an investment worth billions of dollars is flowing into the crypto industry. Experts have continuously maintained that the current situation is temporary; it is a norm for the crypto market to bleed.

However, many authorities worldwide are yet to come to terms with the crypto industry. And the current market situation, triggered by the collapse of the Terra network, has given them more reason to hold on to their views about cryptocurrency.

Meanwhile, the general sentiment about cryptocurrencies is that they are volatile owing to price speculation. But the market’s instability has not deterred more people from adopting digital assets over the years, as the numbers continue to rise.

Firms Keen to Know More About Crypto and Bitcoin

According to a recent survey conducted by Goldman Sachs, insurance companies want to know about crypto and the infrastructure supporting them. Siegel revealed that insurers are open to learning if crypto is a transactive currency.

They want ideas on how they can use crypto in insurance policies and also how they can accept premiums in digital currency. They want to replicate this in crypto like they do with pounds, dollars, and other fiat currencies. As a result, they need more information about cryptocurrency.

Meanwhile, it will be interesting to see if insurance firms can begin accepting payments in crypto in the future.