Half of Large British Businesses Hold Stockpiles of Cryptocurrency

A new poll of IT mangers at large UK businesses found that exactly half keep stockpiles of cryptocurrency for various reasons. Unlike what some might imagine, only a very small fraction of the companies that are holding bitcoin claim to be doing so as preparation for a ransomware attack.

Big British Bitcoin Survey

The research also reveals that 57% of those holding bitcoin sold off part of their stash around the December 2017 highs. The study shows that another 38% of these are considering making a sale these days. Just 5% have no current intention to sell their bitcoins.

As for the main reasons for holding such a portfolio, 40% say they plan to use the cryptocurrencies to pay providers, while 32% are aiming to pay their employees with them. Additional plans include using cryptocurrencies together with smart contracts or other blockchain technologies (27%), as part of fundraising (21%), and to pay for training, R&D or other demonstrative activities (17%).

Not Just Security Fears

Only 5% of responding companies in possession of cryptocurrency have not taken any steps to protect their reserves. Of those that have made changes to secure their assets, 52% have used specific back-up procedures. Other popular security measures listed by the researchers include: using cold storage/offline storage (36%), moving to multiple wallets (36%), using a dedicated/hardened computer (35%) and using dual control so multiple people are required to access the cryptocurrency (22%).

However, Citrix's Chris Mayers comments: 'we know that very often, people are the weakest link in the security chain, and 18% of responding businesses say they worry that their hoard of digital currency might put them at risk of insider theft.'

Finally, according to the study, 35% are concerned cryptocurrency prices might crash, and 34% admit that fluctuating prices are discouraging them from stockpiling more. Another 18% are concerned that their business will not be able to cash the cryptocurrency in when required.

What reasons do big companies have to HODL bitcoin and other cryptocurrency stockpiles' Tell us what you think in the comments section below.

The post Half of Large British Businesses Hold Stockpiles of Cryptocurrency appeared first on Bitcoin News.


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