A recent survey by asset management firm Commonfund found that just 10% of institutional investors thought cryptocurrency would yield strong returns over the coming year. The survey indicated private equity as delivering the best returns, followed by private real assets, venture capital, public equities, private credit, and public real assets, with cryptocurrency rounding out the list.
In March, Commonfund held its annual Commonfund Forum for the first time since 2019. The survey was taken before the event and included 150 investors from actors such as endowments, foundations, family officers, RIAs, and healthcare organisations.
Mark Anson, Commonfund’s chief executive officer and chief investment officer, said that crypto was at the bottom when seek seeing returns because it is hard to see if the asset class is positively or negatively correlated to anything. He also said it was unclear whether crypto was even an asset class. “It’s a very new asset class, if it indeed is an asset class,” said Anson. Other issues are custody, wallet security, and the difficulty in measuring risk vs. return.