Thomson Reuters: One in Five Firms Considering Cryptocurrencies

Thomson Reuters: One in Five Firms Considering Cryptocurrencies. The cryptocurrency market has been growing once again, and with this comes the potential for more firms to get into the field and start working with cryptocurrency investments. Many finance firms are analyzing the potential to invest in these currencies and to move forward with these investments.

The Thomson Reuters reporting group stated in a report that about one in every five finance firms surveyed are considering cryptocurrency investments. This came from a review of around 400 groups from many parts of the world.

Thomson Reuters did not mention who the specific groups were or what the sizes of those groups are. But as the industry continues to grow, there is a sense of urgency among some of these groups to start investing in such currencies as the market starts to become more favorable.

Most of the groups that are thinking about cryptocurrencies have stated they want to get into the field within the next six months. The interest in the market has increased as the number of currencies on the market has increased. The sudden increase in the values of cryptocurrencies has helped cause the market to grow just as well.

Also, the announcements from the CBOE and CME to offer bitcoin futures have helped make the market more appealing. This in turn is causing more firms to consider such investments and to make them more valuable and viable.

The interest in more firms to work with these currencies could increase the value of funds being offered. According to Autonomous Next, there are more than 200 hedge funds that are supported by cryptocurrencies. Those funds have assets at a maximum value of about $5 billion. The potential for these firms to get into the cryptocurrency field is expected to help the market keep growing and thriving.

But even with this, the currency market may still be considered to be too much of a niche for some groups. This particularly comes as the currency market is worth about half of what it was at the beginning of the year. Extended mining efforts and the release of new currencies has helped keep the market strong, but most groups surveyed by Thomson Reuters are not thinking about this plan all that much.

There is one particular finance firm that may cause more of these groups to enter into the field. The Goldman Sachs group announced that it hired an employee that will help the firm get into the cryptocurrency field. A special bitcoin trading desk is being considered by Goldman Sachs. This would help the popular investment firm to give traders the option to work with these currencies including the bitcoin.

Those who consider entering into the cryptocurrency market may benefit from how the market is in the middle of a strong growth period. Most currencies have been trending upward throughout much of April. This includes the bitcoin potentially getting to the five-digit range in value once again. The market sentiment has been growing, thus prompting many groups to strongly consider entering the cryptocurrency field.