Bitcoin, more American than ever – The year 2022 is testing investor confidence in cryptocurrencies. She sees a Bitcoin (BTC) come back under the bar $30,000. Crypto markets are generally bearish. However, the figures that emerge from a recent study should, however, reassure the crypto ecosystem.
Bitcoin crashes, crypto adoption explodes
The Bank of Africa conducted a cryptocurrency adoption survey of 1,000 people in early June 2022. According to this study, over 90% of respondents are preparing to buy cryptocurrencies in the next 6 months.
In addition, the survey revealed that the number of cryptocurrency holders is almost similar to the number of people who want to acquire them. L’adoption cryptocurrencies should therefore theoretically double by the end of 2022.
These figures are particularly important given the context of the study. The latter was carried out following 2 major tremors in the cryptosphere. The shocks below could well have shaken investor confidence in Bitcoin and cryptocurrencies in general:
- L’collapse of TerraUSD and LUNA which took Bitcoin back below $30,000;
- the recent bitcoin crash which is around $20,000.
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Cryptocurrency used as… currency
Another statistic can explain these encouraging figures on the adoption of cryptocurrencies in the next 6 months.
39% of respondents indicated that they use cryptocurrencies to pay for online shopping. This statistic is a reminder that cryptocurrencies are not seen solely as a store of value.
Besides, the stablecoins are supposed to be alternatives to fiat currencies, not to a hedging asset, such as gold. In this use case, crypto bear markets should not impact the adoption of these particular cryptocurrencies.
In theory, only the risks associated with losing its peg to a fiat currency should affect user confidence in a stablecoin. And although it is still small, this use of cryptocurrencies like transaction currency is today in a uptrend. Even the brands in the luxury sector are now opening their coffers to Bitcoin and its cadets.
Skeptics who doubt these figures can refer to the study of the European Central Bank (ECB). The latter reveals that 10% of households surveyed by the institution hold cryptocurrencies. At the moment, the adoption of Bitcoin and its cadets is unquestionably in an uptrend. The bear markets currently have an impact at most cyclicalnot structural.
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