Consumer Confidence in Crypto Remains Strong Despite Turmoil in 2022: Paxos Survey

After a series of high-profile crashes and the ensuing regulatory rush, if you thought the crypto saga hit a snag, you wouldn’t be wrong. However, a new survey by Paxos, a New York-based blockchain technology company, sheds new light on this story.

It says 75% of consumers are confident in the future of crypto.

neither discouraged nor discouraged

A whopping 72% of respondents to Paxos’ cryptocurrency adoption and buying behavior survey claimed they were not concerned about volatility in the cryptocurrency market in 2022.

Consumer trust in intermediaries such as cryptocurrency exchanges, mobile payment apps and banks that hold crypto remains high at 89%. This suggests that the recent spate of implosions may not have eroded consumer trust in cryptocurrency companies, Paxos said in a release.

Mike Coscetta, Head of Revenue at Paxos, said: “Despite fears that a tough 2022 ending will have a chilling effect on consumer adoption of cryptocurrencies, this study shows that consumers are looking to integrate cryptocurrencies more into their financial lives. , not less.”

Instead, the study found strong interest in a greater role for cryptocurrencies in everyday financial life. The top three most ideal cryptocurrency use cases cited by respondents were payment for goods and services, credit cards or loyalty programs, and sending money to friends and family. Long-term investing and day trading are the top use cases.

The Paxos survey was conducted online in partnership with research firm Pollfish among 5,000 US residents with household incomes over $50,000. These respondents were over the age of 18 and had purchased cryptocurrency at least once in the past three years. The survey will be conducted between January 5-6, 2023.

information for the bank

The Paxos survey also provided some useful insights for banks and traditional financial institutions. It states that they can “diversify their offerings” and provide customers with a better experience by including cryptocurrency offerings.

An overwhelming 75% of respondents said they would be willing to buy cryptocurrency from their primary bank, if available. A whopping 81% of respondents in the 35-55+ age group prefer their primary bank to buy the asset class, compared to 63% in the 18-34 age group.

Coscetta affirmed: “Consumers are increasingly viewing cryptocurrencies as a staple of their financial lives, and traditional businesses and financial institutions that deliver the experience consumers are looking for in 2023 are likely to be in the market for years to come. occupy a strong position.”

Cryptocurrency Adoption Rise

While the prolonged bear market has kept cryptocurrency prices low, some investors and institutions are finding that now is the right time to buy deeper. For example, Deutsche Bank’s asset management arm, DWS Group, was in talks to buy minority stakes in two cryptocurrency companies early last month, CryptoPotato reported.

In February, facing the SEC’s crackdown on Kraken, Ripple Labs CEO Brad Garlinghouse noted that crypto adoption is growing globally.

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Source of information: Compiled from CRYPTOPOTATO by 0x Information.The copyright belongs to the original author and shall not be reproduced without permission

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