Nomura and its digital asset subsidiary Laser Digital surveyed 547 Japanese institutional investors in April. They found that 54% of investors will buy crypto assets in the next three years. However, only a quarter have a positive impression of cryptocurrencies, while 52% are neutral. Diversification was cited as the most important driver of investment, with 62% of investors viewing it as a benefit. Those respondents who know more about cryptocurrencies were more enthusiastic about the potential for diversification (88%). Other motivations included the low correlation of earnings with other assets, inflation hedging, and the potential for high returns. Two-thirds saw a 2-5% cryptocurrency allocation as optimal, with 17% seeing a higher proportion.