Trust in Cryptocurrency Remains High Despite Bear Market: Bitstamp Report
- From the survey, it was evident that cryptocurrency education is still at low levels, thus giving most investors skepticism.
- The survey reached out to over 10,000 retail and 2000 institutional respondents in the UK, Italy, Germany, Spain, Netherlands, and France.
- The survey showed that 61 percent of crypto investors in the United States trust digital assets.
The cryptocurrency market has seen over $2 trillion wiped out in the past years. However, a new survey conducted by Bitstamp shows many investors are using this winter to build a solid ground for crypto’s next bull run. By now, it is safe to say that in less than five years, a major breakout in the cryptocurrency industry will be made.
Global Cryptocurrency Outlook
The survey, which was ostensibly conducted by an independent research company between May 19 and June 6, 2022, involved over 28,000 retail and institutional investors in 23 countries. Reportedly, the survey inquired investors about their knowledge, trust, plans, and attitudes towards cryptocurrency.
From the survey, it was evident that cryptocurrency education is still at low levels, thus giving most investors skepticism. Furthermore, blockchain technology has significantly evolved from Bitcoin and its proof of work concept. There are dozens of consensus methods used by different blockchains including proof of history, and proof of stake among others.
Reportedly, the Bitstamp survey reached out to over 10,000 retail and 2000 institutional respondents in the UK, Italy, Germany, Spain, Netherlands, and France.
The proportion of retail investors from the surveyed EU region that rated crypto as a trustworthy investment fell from 54 percent in April to 52 percent. However, the figure varied from one country to another.
Worth noting, that the attitudes toward the adoption of cryptocurrency as a mainstream payment method also continued to grow with approximately 47 percent in Europe.
Reportedly, Brazil, Chile, and Mexico were among the top countries that trust crypto assets with 77, 69, and 70 percent respectively.
The survey showed that 61 percent of crypto investors in the United States trust crypto assets. Canada on the other hand saw the least with around 50 percent of the respondents trusting cryptocurrencies.
Notably, the researchers also polled participants from Singapore, Australia, Hong Kong, Japan, and India. Reportedly, 38 percent of institutional investors in Australia are ready to invest in the cryptocurrency market.
From the global perspective, the report noted that the percentage of retail investors around the world who find cryptocurrency trustworthy has dipped slightly from 67 percent in Q1 to 65 percent in Q2. Additionally, 67 percent of global institutional investors say the cryptocurrency market is trustworthy in Q2, although it is a dip from 70 percent in Q1.
The cryptocurrency market has grown to a trillion-dollar market cap in less than a decade. Most institutional investors are looking into the decentralized financial market (DeFi). However, the FBI has warned that cybercriminals are tapping into the DeFi networks to siphon cryptocurrency.
Furthermore, there is less regulation in the decentralized financial market (DeFi) around the world.
According to our market data, the total cryptocurrency market capitalization stands at around $1 trillion with Bitcoin at the top. Ethereum network, which is readying for the largest upgrade dubbed the Merge, comes in second with a market capitalization of around $200 billion.