According to a survey by a cryptocurrency exchange service, cryptocurrencies will be accepted into the mainstream within the next 10 years. Bitstamp surveyed more than 28,000 investors from 23 countries from North America, Latin America, Europe, Africa, the Middle East and Asia-Pacific.
It found that 88% of institutional respondents and 75% of retail investors believe crypto will see mainstream adoption within a decade. The survey also revealed that 80% of institutional investors reported that cryptocurrencies will outperform traditional investment vehicles.
Confidence levels in digital currency as an asset class are high, with 71% of investment professionals and 65% of everyday investors saying they trust crypto. But confidence globally is largely driven by developing countries, the survey showed.
Last year, El Salvador officially adopted Bitcoin as a legal tender. While some welcomed the move, it was also met with backlash and protests due to volatility in cryptocurrency prices.
Bitcoin saw its last high in October last year at $61,000 (€56,000) and has been on a steady downward spiral, hovering around $39,000 (€36,000).
Other investment vehicles in the decentralized finance (DeFi) ecosystem also show strong levels of confidence, the survey showed, adding that stablecoins, NFTs and blockchain are growing in confidence among retail and institutional investors.
However, the survey also said that a “key barrier” to investing in crypto is trust in regulation. Almost half of retail investors surveyed said they see crypto as unregulated.
Governments around the world are starting to support crypto regulation. Earlier this month, the European Parliament voted in favor of new traceability rules for crypto asset providers, requiring them to collect information on the holders they interact with. The proposed rules have caused concern among cryptocurrency owners, who worry about the implications for their privacy. AP
