Despite the downturn, global faith in cryptocurrencies like Bitcoin remains strong, with the U.S. exhibiting more trust in Q2.
The ongoing cryptocurrency winter otherwise known as bear market has had little to no impact on global trust in cryptocurrency, according to a new Bitstamp exchange-commissioned study.
According to Bitstamp, the study is based on a survey conducted by an independent research firm and includes 28,000 retail and institutional investors from 23 countries.
The survey states that the percentage of global retail investors who trust cryptocurrency has decreased slightly from 61% in Q1 to 65% in Q2 2022.
The survey found a similar trend among institutional investors, with 67% trusting cryptocurrency in Q2 versus 70% in Q1.
“Considering that we were entering a crypto winter in Q1,” Bitstamp analysts wrote, “these numbers are inspiring and speak in favor of the industry’s resilience.”
According to the report, the percentage of crypto trust has varied by country, with the United States seeing the single largest increase in trust, rising from 61% in Q1 to 73% in Q2.
Canada on the other hand, was the only country where trust in cryptocurrency fell below 50% in Q2.
Trust in cryptocurrency has also remained high in countries such as Brazil, Chile, and Mexico, with trust percentages of 77%, 69%, and 70%, respectively.”
We can see that, for the most part, crypto has maintained the trust of many investors and institutions around the world during the bear market which has proven to be a difficult time for the sector,” Bitstamp said.
Meanwhile, some fluctuations in trust in specific countries are unavoidable, according to the firm, which added:
“Although trust in crypto has declined slightly in some regions, investors are taking this time to either increase their investment or expand their knowledge of crypto.
We believe that improving the market’s knowledge about the digital assets ecosystem is a move in the right direction.”
Bitstamp CEO JB Graftieaux added that the crypto winter will allow both retail and institutional investors to prepare for the future.
As earlier reported here on Coinscreed, the crypto bear market had affected the value of cryptocurrencies and trading activities in the crypto market, but despite this, the volume of trade has significantly risen!
This goes to show the faith many crypto enthusiasts have placed in the crypto space.