Despite the dismal price plunges of bitcoin and other cryptocurrencies, a whopping 72 percent of business executives remain optimistic about the future of the industry and believe virtual currencies are "here to stay."
According to a report entitled The Institutionalization of Cryptocurrencies published by Greenwich Associates, 72 percent of 141 institutional asset managers, hedge fund representatives, and brokers surveyed believe that digital currencies are not going anywhere.
"We've had a terrible market for crypto this year, but people are still coming out with a lot of great innovation and a lot of great ideas," said Richard Johnson, a vice president with Greenwich Associates' market structure and technology group.
Some 10 percent of respondents are totally skeptical about crypto, saying they will remain fringe assets that will never be widely adopted, while another 10 percent believe a massive "regulatory crackdown" will eventually eliminate the entire industry.
This is a sentiment shared by many in the crypto community, including tech billionaire Jack Dorsey, the CEO of Twitter.
As the Inquisitr previously reported, in May 2018, Dorsey said he believes that digital currencies will displace all other currencies, and bitcoin will emerge as the one global currency within the next decade.