People’s trust in crypto continues to be high despite the onset of a bear market

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According to the second-quarter Crypto Pulse study released by cryptocurrency exchange Bitstamp, the widespread destruction of cryptocurrency prices as the market entered a cryptocurrency winter hasn’t diminished American enthusiasm in the industry.

Based on a survey of 28,000 institutional and retail investors across 23 countries conducted by a renowned research organization, “it is clear that many investors are using this winter to set a solid foundation for the next cryptocurrency bull run.”

Investors still bullish on Crypto

The only country in the Americas where retail respondents “saw confidence in cryptocurrency drop significantly below 50% in the second quarter compared to the first quarter” was Canada. Overall, retail respondents in the Americas “continued to show growing confidence in cryptocurrencies in the second quarter.” According to the research, “all other countries in the Americas have seen confidence in cryptocurrencies remain strong, at or above 68%, with countries like Brazil at 77%, Chile at 69% and Mexico at 70%.”

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In the US, 61% of retail respondents said they invested in cryptocurrencies during the second quarter of 2022, up from 42% in the first quarter, a figure indicating a 44% increase in active investors. This group also found the “highest single increase in confidence, from 61% in the first quarter to 73% in the second quarter”. Education is the main concern for US and Canadian respondents, with 44% of retail respondents saying they lack the knowledge to start investing in cryptocurrencies.

At the institutional level, 69% of US respondents said they recommend cryptocurrency to their customers. With 78% of respondents saying yes, Mexico scored even higher than Brazil and Argentina, where the percentages were 72% and 71%, respectively.

Across the Atlantic, the percentage of retail investors surveyed in the UK and Europe who thought cryptocurrency was a reliable investment dropped from 54% in April to 52% in the most recent survey, the research says, adding that “this was different among the nations”.

Globally, from 67% in the first quarter to 65% in the second quarter, the percentage of retail investors who consider cryptocurrency a reliable investment has dropped significantly. Similar trends have been observed among institutional investors, who now see the cryptocurrency with 67% less confidence than in the first quarter (60%).

These figures are encouraging and demonstrate the resilience of the industry, the report said, noting that in the first quarter we were entering a crypto winter. Retail investors as a whole increased their cryptocurrency purchases in the second quarter, and those who said they traded or invested in cryptocurrency every day or week went from 56% to 60%. One in four institutions said they want to use cryptocurrency as their main source of investment.

Overall, despite a significant market crash, the cryptocurrency sector has done quite well. The report’s conclusion read: “Investors are taking this time to increase their investments or deepen their understanding of cryptocurrencies, although confidence in cryptocurrencies has slightly diminished in some.

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