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A large-scale survey by crypto exchange Bitstamp shows that how many cryptocurrencies are booming in Europe – despite the bear market. Accordingly, the so-called crypto winter did not stop consumers or institutional investors from buying crypto currencies. Quite the opposite.
The crypto industry is booming – despite the bear market
When crypto prices fall, you always get the impression that the entire crypto industry is going downhill. The current bear market is also putting many investors in a worried mood, as the “Crypto Fear & Greed Index” shows. But: This view is deceptive. Then: The crypto industry is booming – not only, but also in Europe.
This is the result of a new survey by crypto exchange Bitstamp. Bitstamp is the longest running cryptocurrency exchange in the world: The company has been around since 2011 and now has more than four million customers. Now the Exchange delivers another Superstep: It’s about so far largest survey of investor attitudes towards cryptocurrencies.
More than 10,000 private investors from the most important European markets were surveyed. These include France, Germany, Italy, Spain, the Netherlands and Great Britain. It came out: 52% of those surveyed are already invested in cryptocurrencies like Bitcoin or Ethereum – more than half!
In addition, more investors would actually invest in cryptocurrencies – but many hesitate because they feel they don’t know enough. One in five respondents (21%) in Europe say they would like to buy cryptocurrencies, but I don’t know enough to start. Of the countries surveyed, Great Britain leads in this regard: Here, 31% state that they do not have the relevant background knowledge for crypto investment.
Investors complain about a lack of background information
Bitstamp CEO Jean-Baptiste Graftieaux adds:
“Despite the recent market challenges, the latest Crypto Pulse survey shows that investors still want to know more about cryptocurrencies. Therefore, it is important that companies are at the forefront of providing credible, well-researched educational content to empower the everyday investor to achieve the best return on the market.”
Bitstamp believes that education is the way to go to drive mainstream adoption of cryptocurrencies. It is on a mission to continue setting the standard in these two areas for years to come, ie. “for crypto to continue its journey to the mainstream in the next decade.”
Lack of background knowledge is therefore considered to be the biggest barrier to market entry. Reason enough for Bitstamp to release a cryptocurrency guide soon. It is intended to provide knowledge and information to “newcomers, returning and existing consumers”. Educate people about crypto and blockchain through articles, videos, and how-to guides.
German investors are also particularly confident about the future of the crypto sector and cryptocurrencies in general. 63% of all respondents classify cryptocurrencies like Bitcoin or Ethereum as a “reliable investment”. It is also fitting that more and more investors in Europe are emphasizing how important it is to regulate the industry.
Institutions are big on crypto
Institutional investors are apparently counting on a recovery in the crypto markets, because: Of the more than 2,000 companies surveyed (such as banks and investment platforms) almost a third (31%) say they want to invest even more in cryptocurrencies in the future.
The largest increase per country was in the United Kingdom, where 35% say they plan to increase investment in the future.
The adoption of cryptocurrencies as a popular payment method is also progressing. 47% of European consumers say they want to pay for everyday things like groceries with cryptocurrencies, up from 40% in April.
The biggest increase in this regard can be seen in Spain, with almost two-thirds (61%) now saying they would be comfortable paying for groceries with cryptocurrencies. For comparison: in April the value was still 49%.
Last updated on September 5, 2022
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