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The majority of institutional investors believe crypto prices will go up in the next year, according to a new survey commissioned by Coinbase.

The top US crypto exchange commissioned the business-to-business firm Institutional Investor to conduct the survey, which polled a “representative sample” of 250 institutional investors.

Of the investors surveyed, 57% of them believe crypto prices will move higher in the next 12 months, compared to only 8% of investors who believed the same thing when responding to Coinbase’s survey at this time last year. Only 2% of the respondents believe crypto will trend lower in the next year, and 41% believe it will stay flat or range-bound.

Coinbase also notes that nearly 60% of the survey’s respondents say they plan to increase their crypto allocations over the next three years.

None of the respondents say they anticipate decreasing their digital asset portfolios, and nearly half of the institutional investors that don’t have crypto allocations yet say they plan to enter the space in the next three years.

In terms of the asset classes they see as the biggest opportunities to generate attractive risk-adjusted returns in the next three years, 54% of the institutional investors say private equity, 48% say U.S. equities, 41% say cryptocurrencies and 35% say emerging market equities. Only 31% say commodities and only 26% say real estate.

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