As the adoption of cryptocurrencies intensifies and digital assets become increasingly more accepted by organisations and corporations, the study found that investors, both retail and institutional, are very bullish on the future of the market.
The survey included 28,563 people from 23 countries in North America, Latin America, Europe, Africa, The Middle East, and Asia-Pacific.
Among them, 5,450 were senior institutional investment strategy decision-makers, while 23,113 were retail investors. The participants of Bitstamp’s survey claim they use crypto to buy groceries, donate, shop online, and other day-to-day items.
A majority of retail responders believe the industry is in its early stages. Therefore, they expect the next five years to be crucial for this industry’s growth. 75% think digital assets will reach mainstream adoption within 10 years.
Institutional participants have been recommending it to its clients, the survey claims. As seen in the image above, 68% of the institutional responders have been “actively recommending crypto” to their clients, with a 6% minority taking the opposite stand. That is a pointer of its potential increase in adoption levels. 82% of them also believe crypto will become mainstream in the next decade.
Julian Sawyer, the CEO of Bitstamp, commented on the survey’s findings:
“The adoption of crypto and other digital assets is advancing at an unprecedented rate. In the last few years, cryptocurrencies have moved from the outskirts of the financial ecosystem to find themselves front and center of mainstream investing, with many of the largest trading venues in the world now catering to both retail and institutional crypto needs.”
“We’ve seen interest propel in the years since the pandemic, and crypto is now part of the wider conversation in global macro-economic matters. Our survey shows something we have advocated over a long time: talking about survival of digital assets is firmly over — the question is now about evolution.”
Is crypto going to take over?
It can be said that cryptocurrencies are proving to be an incredible medium for helping the whole world live in the future.
The internet came into existence towards the end of the last century and changed the whole world entirely. And now, blockchain technology is set to be the world-changer of the 21st century.
We can now make money transfers from anywhere in the world to any place within a couple of seconds without any government control, all thanks to blockchain technology.
With all the revolutionary and status-quo changing qualities blockchain technology has brought, its full adoption and worldwide takeover like the Bitstamp survey posits would not come to place without putting up a fight.
We have seen ‘nocoiners’ arguments like – ‘Crypto is a haven for fraudsters, criminals and money launderers’. One of the reasons why countries like China and some countries in Africa have banned it outrightly. Other countries including the United States, UK and some other European countries put it under strong regulation.
It will be interesting to see what plays out in the battle between the ‘crypto maxis’ and ‘nocoiners’ in subsequent years. But one thing is certain, crypto is here to stay.
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