Bitcoins has been a focus for many lately with Tesla-owner Elon Musk saying he has invested in the crypto currency and that he expects to start accepting bitcoins if you want to buy one of his electric cars. However, while bitcoin continues to grow in popularity, a poll of 77 finance executives this month showed that 84% of respondents said they did not plan to ever hold bitcoin as a corporate asset, according to research and marketing firm Gartner.
“Eighty-four percent of the respondents said that bitcoin’s volatility posed a financial risk,” Alexander Bant, chief of research in the Gartner Finance practice, said in a statement. “It would be extremely difficult to mitigate the kind of price swings seen in the cryptocurrency in the last five years.”
Volatility was the top concern by a large margin, but other big issues that respondents had were board risk aversion, slow adoption as an accepted form of payment, regulatory concerns, and a lack of expertise in cryptocurrencies.
“There are a lot of unresolved issues when it comes to the use of bitcoin as a corporate asset. It’s unlikely that adoption will increase rapidly until we get more clarity on these challenges”, Bant said.
Seventy-one percent of respondents said one of the top things they’d like to know is what others are actually doing with bitcoin. Sixty-eight percent want to hear more from regulators about bitcoin and better understand the risks involved with holding it.