Crypto users in the United States have shown increased loyalty and trust in digital assets despite the crippling bear market.
A Q2 Crypto Pulse Study confirmed that increased crypto price volatility has failed to dampen Americans’ enthusiasm for the asset class.
The study surveyed over 28,000 retail and institutional traders and investors from 23 countries and showed that a large portion of investors are taking advantage of the bear market, making it a springboard for the next big wave.
Americans Remain Bullish Despite Crypto Crisis
The majority of Americans remain extremely bullish with digital assets. In fact, the only country that has suffered a 50% drop in crypto-trust is Canada.
The rest of the other countries showed strong faith and trust in the power of digital currencies, showing a trust rating above 68%, such as Chile (69%), Brazil (77%) and Mexico (70%).
Canada’s main concern with digital currency is the lack of investment knowledge. Respondents from Canada and parts of the United States expressed apprehension because they lack education regarding crypto.
In the US alone, around 61% of retail investors invested in crypto during the second quarter, which showed a 42% increase from the first quarter.
The largest increase in trust score was also seen in the same group with a jump from Q1 to 61% to 73% in Q2.
From an institutional perspective, nearly 70% of US investors say they have recommended the use of crypto to their respective clients.
Retail investors increased their Bitcoin purchases in the second quarter
On the other hand, retail investors on the Atlantic side, such as those in Europe and the UK, saw their confidence score drop from 54% to 52%.
In general, retail investors around the world showed some loss of confidence and enthusiasm with a confidence score of 67% in the first quarter slipping to 65% in the second quarter.
Nonetheless, the figures above show the robustness and resilience of the industry as, despite being on the verge of a crypto winter in Q1, retail investors in turn increased their buying in Q2.
More so, those who traded daily or weekly also fell from 56% to 60%. Another winning streak is that one in four companies intend to invest in digital currencies.
Crypto total market cap at $952 billion on the weekend chart | Source: TradingView.com
Featured image from pngitem.com, chart from TradingView.com