Canada Adopts International Crypto Tax Reporting Standard
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The continued bear market in the cryptocurrency market has had no significant impact on the global trust the industry has in cryptocurrency, according to the results from a recent study.
As per a report by a survey conducted by Bitstamp, published in the exchange’s blog – Crypto Pulse – the global trust in cryptocurrencies, like Bitcoin and Ethereum, across the digital asset market has remained strong throughout the downturn in the market. The survey, commissioned by Bitstamp and conducted by an independent research firm, looked into 28,000 retail and institutional investors across the world from 23 different countries.
How much do investors trust Bitcoin?
According to the results from the survey, the investors who found cryptocurrency trustworthy dropped slightly from Q1 to Q2, but not by any sort of significant numbers. The results showed that 70% of institutional investors in Q1 saw cryptocurrency as trustworthy. In Q2, in comparison, 67% of respondents said they considered crypto trustworthy. That’s a marginal drop and the retail market saw the same fraction of change. In Q1, 65% of investors said they saw crypto as trustworthy, while in Q2, this dropped to 61%. According to Bitstamp analyst, this is especially important given that the the cryptocurrency winter was starting just ahead of the second quarter.
The results took the location of investors into consideration, too. Investors in South America – such as Brazil, Chile, and Mexico – saw 77%, 69% and 70% trust percentages of the cryptocurrency respectively. In the United States, the trustworthiness rose from 61% in Q1 to 73% in Q2, despite the bear market.
“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. 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.”