A survey publishedBitstamp has shown that the crypto industry is poised to be mainstream. To get a pulse of the sector, the platform conducted a survey that included over 28,000 respondents, 5400 institutional decision-makers and 23 investors.
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Digital assets are now a $2 trillion market. Once an interesting way for tech-savvy individuals to send money across the world, the participants of Bitstamp’s survey claim that they used crypto to buy groceries, donate, shop online, and other day-to-day items.
Retail respondents believe that the industry is still in its beginning stages. Therefore, they expect the next 5 years to be crucial for this industry’s growth. 75% believe digital assets will become mainstream within the next 10 years.
The survey also claims that institutional respondents have recommended it to their clients as a sign of the potential for increasing its adoption. As seen below, 68% of the institutional responders have been “actively recommending crypto” to their clients, with a 6% minority taking the opposite stand.
Similar to the retail respondents, 82% think crypto will mainstream within the next decade. This group of investors is very active, with 62% investing in digital assets at least twice per week. 54% claim to hold over 30% of their portfolios in cryptocurrency. Julian Sawyer, Bitstamp CEO said:
It is moving at an extraordinary pace that crypto and other digital assets have been adopted. 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 (…).
Here are the Countries that could adopt crypto faster
As digital assets become more popular, emerging economies may be crucial in helping to boost their growth over the coming years. The emerging world currently leads the way in trusting institutions, including those in Nigeria, Brazil Brazil, Colombia and Argentina. This is far more than first-world countries.
The trust of digital assets is more important to retail investors in developing countries. The trust levels in these countries are higher than those in the first world, which averages between 50% and 60%.
Both institutional and retail investors continue to focus on regulations. Retail investors believe that the sector lacks a regulation framework at 47% and 55% respectively. Thus, the industry’s future adoption seems highly tied to investors pressing their governments to provide more clarity on this item.
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Crypto markets have reached critical support levels within short periods of time as Bitcoin, and more large cryptocurrencies tend to trend downwards. At the time of writing, BTC’s price trades at $38,500 with a 3% loss in the last 24 hours. To prevent more losses, the bulls must show strength.
