American CEOs are wary of the world’s most famous cryptocurrency Bitcoin, according to results from a survey held at a Yale CEO Summit. They’re also embarrassed by President Donald Trump’s performance after almost one year in office.
The survey occurred during the Yale School of Management’s Chief Executive Leadership Institute this month and included a poll of 87 American business leaders. The twice yearly event convenes top American executives and leading academics to provide their insights on contemporary business and tech issues.
When asked a bout Bitcoin, 88 per cent said it was in a “dangerous bubble” and agreed it will “not end well”. A huge majority (91 per cent) believe exchanges don’t know how to regulate it properly.
More broadly, 85 per cent felt cryptocurrencies are “overhyped and dangerous”.
Turning to politics and 81 per cent are embarrassed by Trump’s “representation of the United States’ interests and image on the world stage” while 77 per cent fear America has alienated key diplomatic allies.
Two thirds of those surveyed were disappointed in the American Administration’s trade policy and 62 per cent “feel it has put the US Department of State in a dangerously weak condition.”
The latest Trump trepidation follows the fail grade the president received from CEOs at a similar event in June.
“One year into the Trump Administration, US business leaders are disappointed, but still hopeful,” said Yale School of Management Professor Jeffrey Sonnenfeld, who led the event.
“They began the year optimistic and appreciative of a White House that wanted to listen to them, engage them, and advance a pro-business agenda… While many remain hopeful – and appreciate the soaring markets – few feel the Administration’s mission has been accomplished.”
The hope came from the Trump administration’s willingness to engage businesses and the prioritisation of the US economy, according to Sonnenfield. But the business engagement often came in the form of “divisive jousting between companies pitting competitors against each other in Apprentice-like PR contests,” he said.
Ultimately it resulted in the misrepresentation of organisations and the erosion of collaborative industry efforts, according to Sonnenfield.
Business leaders also took issue with the Trump administration’s approach to trade, global alliances, immigration, healthcare, Russia relations, and the president’s response to hate groups, Sonnerfield said.
“While they strongly applaud the much-needed lowered corporate tax rate for global competition reasons, they feel it still misses the mark on multiple fronts: adding to the nation’s crushing debt; punishing blue states; retaining interest treatment; healthcare impact; the burden on middle class; the impact on higher education.”