A new cryptocurrency survey by international law firm Foley & Lardner reveals that Ethereum is the number one cryptocurrency pick for investors, according to survey respondents.
The survey covers questions about regulations, investments, the likelihood of a crash, ICOs and payment methods.
“It’s interesting that the number of respondents who favor some degree of federal regulation is so high,” says Kathryn Trkla, partner and member of Foley’s Blockchain Task Force. “The reasons likely vary, but one may be a recognition that the decentralized platforms on which cryptocurrencies are traded or transferred are not self-contained silos. When a cryptocurrency is exchanged for USD or another fiat currency, or transferred as payment for receipt of a good or service, the transaction will likely involve use of existing, regulated financial market infrastructure.”
Key highlights from the survey
In your opinion, which cryptocurrency provides the best investment opportunity?
In your opinion, which cryptocurrency has, or will likely gain, the most broad acceptance for use in making payments for goods and services?
Do you think Bitcoin’s market cap will be surpassed by another cryptocurrency?
Do you anticipate a cryptocurrency “crash” or “bubble burst”?
Are you willing to take on legal risk in pursuing your investment in cryptocurrency or your development of a cryptocurrency business as disrupters have done in other industries (e.g., Uber)?
In your opinion, should sovereigns or central banks create their own cryptocurrencies?
In your opinion, should investors be allowed to invest in exchange-traded funds (ETFs) holding cryptocurrencies?
What form of cryptocurrency validation method do you think has the greatest long-term sustainability?
Do you think initial offerings of cryptocurrencies should be regulated in the US?
Do you think ongoing purchases and sales of cryptocurrencies should be regulated in the US?
Do you think use of a cryptocurrency as a means to pay for goods and services should be regulated in the US?
Do you think the industry should develop common voluntary standards?
If you think cryptocurrency activities should be subject to regulatory oversight, which of the following do you think US regulators should be doing? Check each you agree with.
Respondents were surveyed in March and April of 2018.
They totaled 62 professionals who held executive titles or identified as investors or traders. Primarily based in the US, they ranged in age from their 20s to 50 and older and included investors (30%), business executives (26%), lawyers (17%), consultants (9%), traders (5%), engineer/developers (5%) and other professionals (8%).