Despite the downward market, global trust in cryptocurrencies like Bitcoin remains mostly unshakable, with countries like the U.S. showing more trust in crypto in Q2.
The ongoing cryptocurrency winter has had little to no impact on global trust in crypto, this was the conclusion reached new study commissioned by Bitstamp exchange.
Despite the downward market, global trust in cryptocurrencies like Bitcoin (BTC) remains mostly unshakable, Bitstamp said in its latest Crypto Pulse report. The study is based on a survey conducted by an independent research firm and involves 28,000 retail and institutional investors in 23 countries, Bitstamp said.
The survey suggests that the percentage of global retail investors who find crypto trustworthy has slightly dropped from 61% in Q1 to 65% in Q2 2022. The survey signaled a similar trend among institutional investors as 67% of respondents deemed crypto trustworthy in Q2 versus 70% in Q1.
“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 noted.
The crypto trust percentage has varied from country to country, with the United States seeing the single biggest increase in trust, from 61% in Q1 to 73% in Q2, according to the report. In contrast, Canada was the only country that saw trust in cryptocurrency dip below 50% in Q2. Trust in crypto also remained high in countries like Brazil, Chile and Mexico, with trust percentage accounting for 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. In the meantime, some fluctuations in trust in certain countries are certainly to be expected, the firm noted, adding:
“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 provide an opportunity for both retail and institutional investors to build for the future.
As previously reported by Cointelegraph, the current bear crypto market is associated with an ongoing crisis of cryptocurrency lending, with major lenders like Celsius halting withdrawals amid liquidity issues in June. The crypto winter is also largely linked to issues of algorithmic stablecoins after the TerraUSD Classic (USTC) stablecoin lost its dollar peg in May.