The currently functional cryptocurrency winter has not impacted the global trust in cryptocurrencies, as per data revealed by a new study commissioned by Bitstamp exchange, on the basis of information by Cointelegraph.
According to Cointelegraph, despite the market facing a downturn, global trust in cryptocurrencies such as Bitcoin (BTC) has remain unaffected, Bitstamp stated in its latest Crypto Pulse report. The study is on account of a survey conducted by an independent research firm which has the involvement of 28,000 retail and institutional investors in 23 countries. Insights from the survey suggests that the percentage of global retail investors who have trust in cryptocurrencies dropped from 65% in Q1 to 61% in Q2 of 2022, and showed a similar trend among institutional investors as 67% of respondents in second quarter deemed cryptocurrency as trustworthy compared to 70% in first quarter. “Considering that in Q1 we were entering a crypto winter, these numbers are inspiring and speak in favor of the industry’s resilience,” Bitstamp analysts mentioned.
Going by data from Cointelegraph, trust percentage of cryptocurrency varies from country to country, with the United States seeing an increase in trust from 61% in Q1 to 73% in Q2, and Canada saw a fall in its cryptocurrency trust percentage below 50% in Q2. The trust percentage has remained high in countries such as Brazil, Chile and Mexico, with the percentages being 77%, 69% and 70%, respectively. “We can see that crypto has, for the most part, maintained the trust of many investors and institutions across the world during a difficult time for the sector,” Bitstamp said.
Moreover, Cointelegraph noted that JB Graftieaux, CEO, Bitstamp, stated that the cryptocurrency winter will provide an opportunity for retail and institutional investors to work on cryptocurrency’s future. The cryptocurrency winter has also links to issue of algorithmic stablecoins after the TerraUSD Classic (USTC) stablecoin lost its United States dollar peg.
(With insights from Cointelegraph)