Bitstamp CEO JB: Massive Cryptocurrency Interest From Our Institutional Clients than Retailers
- He further noted that the proportion of those in the UK who see the risk associated with cryptocurrency investment as too high is similar to Q1 when it was 37% and in Q2 the figures came in at 35 percent.
- Bitstamp is one of the oldest cryptocurrency exchanges that is offering 0 percent trading fees when clients trade up to $1,000 in a 30-day rolling period on all assets on the platform.
In an interview with media outlet Business2community, Bitstamp CEO Jean-Baptiste Graftieaux highlighted that institutional investors have shown a massive interest in the cryptocurrency market more than retail investors. As he is popularly known, JB noted that the low level of cryptocurrency literacy around the world is hindering the overall adoption.
“Significantly, we continue to see a lack of knowledge and education as one of the main barriers among retail to investing in crypto – the proportion citing a lack of crypto education has increased from 45% in 2021 to 55% this year. Which means as an ecosystem we need to be amplifying education,” JB noted.
He further highlighted that crypto trustworthiness has decreased in 2022 than the prior year. For instance, in the United Kingdom, investors who see cryptocurrency being trustworthy have decreased from 52% in 2021 to 42 percent this year.
Nevertheless, the cryptocurrency exchange has recorded major demand for digital assets from its institutional investors across the board.
He further noted that the proportion of those in the UK who see the risk associated with a crypto investment as too high is similar to Q1 when it was 37% and in Q2 the figures came in at 35 percent.
Bigger Picture of Cryptocurrency Adoption
The cryptocurrency market is perhaps one of the most thriving and promising yet young markets around the world. However, the narrative on different crypto assets from various geolocations has heightened challenges in digital assets’ adoption.
For instance, Spain has high cryptocurrency adoption while its neighboring country France records a low level of crypto adoption. According to JB, cryptocurrency education is the main factor differentiating countries in digital assets’ adoption.
However, JB noted that global macroeconomic issues have accelerated cryptocurrency adoption in some places. He specifically pointed out Latin America led by Venezuela, which is facing an economic crisis due to extremely high inflation.
“I think in Latin America we see massive adoption. Even if the regulatory framework is not necessarily in place and the level of education is not as high as we would like, we see massive adoption because of macroeconomic challenges that exist in Latin America,” he added.
Notably, Bitstamp is one of the oldest cryptocurrency exchanges that is offering 0 percent trading fees when clients trade up $1,000 in a 30-day rolling period on all assets on the platform.
The company is offering frictionless access to the crypto market to further cryptocurrency adoption during the winter period. According to JB, cryptocurrency traders can deposit digital assets for trading via Apple Pay or Google Pay.
While the world has around 8 billion people living across various continents, a very small percentage has been reported to own cryptocurrencies.
For instance, a recent survey indicated approximately 115 million Indians out of the 3 billion plus own cryptocurrency.