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Goldman Sachs survey: Insurers interested in Bitcoin and cryptocurrencies

 


Wall Street banking giant Goldman Sachs recently released data from its annual insurance survey. Interestingly, the survey also included an outlook on Bitcoin & cryptocurrencies for the first time.


After surveying nearly 328 top insurance company executives, six percent of respondents said they are already invested in cryptocurrencies or are looking to invest. Collectively, these respondents serve nearly half of the $26 trillion global insurance industry.


Interestingly, most of the insurers showing interest in cryptocurrencies are from America.


“The vast majority of insurers are not considering investing in cryptocurrencies,” the report states. "American insurers are a little more interested."


Mike Siegel, Global Head of Insurance Asset Management and Liquidity at Goldman Sachs said :

“We had respondents representing over $13 trillion in assets, which is about half of the industry's global assets. So we think the survey is very representative of how the industry thinks.”


However, cryptocurrencies were not the preferred option. They were the fifth pick after private equity, commodities and emerging market equities. Interestingly, they were ahead of corporate loans, traditional bank loans, financial companies and debt funds. Recently, even Wall Street giant JPMorgan said they prefer investing in cryptocurrencies over real estate.


However, the recent survey by Goldman Sachs shows that insurance companies are interested in learning more about cryptocurrencies and the supporting infrastructure. seal said:


“If this becomes a transactable currency, they want the ability to trade policies in crypto. And also accept rewards in crypto just like they do in dollars, yen, pounds or euros.”


It will be interesting to see if insurers will accept crypto payments at some point in the future. Of course, this will depend on how regulatory policy develops in the US and around the world. While insurers are somewhat hesitant about the cryptocurrency, they are optimistic about the underlying blockchain technology. Using blockchain will only lead to more transparency in this sector.

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