A recent survey conducted by US law firm Foley & Lardner LLP has revealed that investors and executives appear to prefer ethereum over bitcoin when looking for an investment opportunity.
More than 60 professional investors and business executives took part in the survey, which addressed issues such as regulations, ICOs, investments and the likelihood of a crash.
Greater regulatory certainty
Results suggested that the majority of respondents wanted to see greater regulatory certainty, with 84 percent indicating that ICOs should be regulated by the federal government or at the state level at least.
68 percent would like to see regulation for ongoing purchases and sales of cryptocurrencies, with 55 percent saying that it’s needed when paying for goods and services.
A lack of legal certainty was an ongoing theme throughout the survey, with 72 percent believing that the cryptocurrency industry does not have a well-grounded understanding of existing federal and state financial market regulation or financial services.
Despite this, 58 percent of the survey respondents indicated that they were willing to take on legal risk to invest in or develop cryptocurrency businesses.
When queried on what they see as the biggest threat to the viability and growth of the industry, security was high on the list.
Threat of hackers high on the list
40 percent of survey respondents saw the threat of hackers, security breaches and theft of cryptocurrency as a strong risk, with only nine percent seeing it as a slight risk.
Perhaps most interesting is the results of the question asking “which cryptocurrency provides the best investment opportunity?”
Ethereum came out on top with 38 percent of the votes, while bitcoin came a close second on 35 percent.
This would suggest that there’s a certain element of risk that is attached to the bitcoin name, which makes sense as the mainstream press usually doesn’t differentiate between cryptocurrencies in general and bitcoin.
Another interesting fact to draw from the results of this question is that more of the respondents believed that investing in the likes of Ripple, Dash, and Monero was a worse idea than investing in no crypto at all.
At the conclusion of the survey, partner, and member of Foley’s Blockchain Task Force, Patrick Daugherty commented –
“Bitcoin and Ethereum are the ‘safest’ crypto assets to build a business around because they are the only crypto assets that the SEC and the CFTC agree upon. That’s not to say that Bitcoin or Ethereum investment is safe – it’s not. It’s also not a prediction that these assets will outlast all of their competitors. A competitor of Bitcoin and Ethereum could arise to take their place, or the entire asset class might disappear.”
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.