Half of large British companies are already investing in bitcoin

Half of large British companies are already investing in bitcoin

According to a new study commissioned by the software developer Citrix (NASDAQ: CTXS), 50% of large British companies have stock in the cryptocurrency.

The study, conducted in partnership with One Poll, polled 750 heads of it departments in major British enterprises, employing 250 staff or more. Found out that on average, each of these enterprises owns 24 bitcoins. Of these companies, only 7% of invested exclusively in bitcoin, 93% of respondents have more diverse cryptocurrency portfolio: 54% own litecoin, 43% of ethereum, 33% Ripple”s XRP and 29% of DASH.

The study found out that 57% of those who own bitcoins, sold part of its portfolio, when the price of bitcoin peaked in December 2017. 38% of respondents are considering sale of bitcoins now. Only 5% intend to sell their funds in cryptocurrency.

To the question why the company acquired bitcoins, 40% of respondents said that they plan to use cryptocurrencies to pay for services, and 32% would like to pay in bitcoins to their employees. Many companies planned to use cryptocurrencies in conjunction with smart contracts and other block chain technologies (27%), for fundraising and investments (21%), as well as for tuition, research activities and other activities (17%).

Concerns about security

Despite popular belief, only 4% of companies have invested in cryptocurrency in order to be able to pay the attackers a ransom in the event a hacker attack. At the same time, 31% of respondents believed that funds in cryptocurrency can attract hackers.

Only 5% of the companies owning the cryptocurrencies, has taken no steps to protect their funds. Popular security features include: the use of cold wallets (36%), multiple wallets (36%), the use of a separate, stand-alone computer (35%) and the use of dual controls when working with cryptocurrency needs a few (usually two) people (22%).

Finally, according to the study, 35% of respondents are concerned that the price of cryptocurrencies can fall to 0, and 34% admit that price fluctuations prevent their further investment. Another 18% are concerned that their business will not be able to use the cryptocurrency, if necessary.

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