Confidence in Crypto Remains High Despite Turmoil in 2022

A new Paxos survey examines how consumers currently view the cryptocurrency market. The results of the survey were shocking, as it seemed that the vast majority of those surveyed remained confident in the cryptocurrency market. Of course, there have been a lot of negative developments over the past year.

High trust in encryption

In the survey, consumers were asked about their current attitude towards the cryptocurrency market. Up to 75% of respondents are extremely optimistic about the future of encryption. Seventy-two percent of respondents said they were not at all concerned about the high volatility that occasionally rips through the markets like shockwaves.

What is particularly striking is that no less than 89% of respondents still trust cryptocurrency exchanges, payment apps, and banks to store cryptocurrencies.

In 2022, many large cryptocurrency companies have failed catastrophically. Examples are of course FTX, BlockFi and Celsius. Still, consumers do not appear to be losing faith in cryptocurrencies under any circumstances. Hope that cryptocurrencies will become an important part of their lives in the future seems to be a firm belief of many consumers.

Mike Coscetta, a Paxos executive, had the following to say about the study’s findings:

“Despite concerns that instability by the end of 2022 will hinder consumer adoption of cryptocurrencies, this study shows that consumers want to integrate cryptocurrencies more, not less, into their financial lives.”

Cryptocurrencies are growing in popularity

After 2022, consumers want more cryptocurrencies in their lives, not less. Especially the use of cryptocurrencies to pay for goods and services is something of great interest to researchers. Of course, investing and trading were also important use cases for respondents.

In total, approximately 5,000 people were interviewed. The survey was conducted online among those earning more than $50,000 a year, aged 18 or older, and who had purchased crypto at least once in the past three years.

Source of information: Compiled from CRYPTO-INSIDERS by 0x Information.The copyright belongs to the author Roy van Krieken and may not be reproduced without permission

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