Leading bank Goldman Sachs published its yearly survey on the insurance sector. The release included cryptos as well.
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328 high level financial officials took part in the survey. They present about half the $26 T world’s insurance field. The results of the survey showed that 6% of participants invested in cryptos or were looking into the option.The bank finds it surprising that amid the recent falls in the crypto market, 6% of about 20 CIOs were positive about crypto investments. Currently, the overall crypto market cap stands at about $1.24 trillion. Bitcoin trades at 30,000 and Ether at $1,800.
During a podcast, Goldman’s head of insurance asset management and liquidity solutions, Mike Siegel mentioned that this is the first time that the bank asked the insurers about cryptos.
Answers reveal the interested entities want to learn more about the field. He added if crypto turns into a transactable asset, insurers said they want to be able to integrate these assets into their policies. The firms will also accept premiums in cryptos like they do in USD and other fiat currencies.The crypto market was in fifth place, coming after private equity, commodities, emerging market equities, and real estate.
Insurance firms have been long considered the main source of stability for finances as they manage portfolios holding billions of dollars. These balances have great influence on markets.