Mar 08, 2023

Crypto Consumers Remain Confident Despite Turbulent 2022

Cryptocurrency users in the US have maintained their trust in financial intermediaries to hold their digital assets, according to a survey conducted in January by Paxos. The survey, which was published on March 7, sought to understand how the crypto winter and the fallouts of various crypto companies such as Terra, FTX, and Alameda Research impacted the confidence of crypto holders.

The survey revealed that 57% of respondents who heard and followed the FTX saga either planned to buy more crypto or do nothing in response. 89% of respondents still trusted banks, crypto exchanges, and mobile payment apps to hold their crypto.

The survey also found that 75% of respondents were likely or very likely to purchase crypto from their primary bank if it were offered, which is a 12 percentage point increase from the year before. 45% of respondents reported that they would be encouraged to invest more in crypto if there was more mainstream adoption by banks and other financial institutions.

The survey recruited 5,000 participants who lived in the United States, were over 18 years of age, and had a total household income greater than $50,000. 75% of respondents continued to be confident in the future of crypto.

The survey did not take into account more recent crypto headwinds, such as the bankruptcy of crypto lender Genesis, the crackdown on Binance USD (BUSD) involving Paxos, and the financial uncertainty of crypto bank Silvergate Capital.

The results of the survey suggest that crypto holders are still confident in the future of digital assets, despite the volatility of the crypto market. This confidence could be further strengthened with more mainstream adoption of cryptocurrencies by banks and other financial institutions.

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