Half of UK large businesses hoard cryptocurrencies

Half of UK large businesses hoard cryptocurrencies

- in All News, Cryptocurrencies, Featured News
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A new poll among 750 IT managers of large UK companies with 250 employees or more, has found that exactly half of the firms has a cache or cryptocurrencies.

The survey, commissioned by the software developer Citrix and conducted in partnership with OnePoll, has found that exactly 50% of the British businesses have a hoard of cryptocurrencies, with an average of 24 bitcoins each. Of those, 7% have invested only in Bitcoin, while the rest have a more varied portfolio. Fifty-four percent have bought Litecoin, 43% – Ether, 33% – Ripple and 29% have some Dash.

The poll found that 40% of the companies keep the cryptocurrencies so they can pay providers, while 32% are planning to pay their employees with them. Barely 7% of the respondents said the company holds the cryptocurrencies in order to pay for an eventual ransomware attack.

The research found that 57% of the companies who have cryptocurrencies, have sold off some of the bitcoins during the December 2017 price spike, making a nice profit, and another 38% are considering to make a sale now. Only 5% said they are not planning to sell.

Thirty-five percent of those surveyed said that they are concerned the prices may crash and 34% responded that the fluctuating prices are discouraging them from buying more cryptocurrencies. Another 18% said that they think the company will not be able to cash in the cryptocurrency when needed.

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