After a series of high-profile crashes and the ensuing regulatory rush, if you thought the crypto saga hit a roadblock, 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 cryptocurrencies. A whopping 72% of respondents to Paxos’ cryptocurrency adoption and buying behavior survey claimed they are not concerned about crypto market volatility in 2022.
Consumer trust in intermediaries such as cryptocurrency exchanges, mobile payment apps and banks holding cryptocurrencies remains high at 89%. This suggests that the recent spate of implosions may not have eroded consumer trust in crypto 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 crypto 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 U.S. residents with household incomes over $50,000. These respondents were over 18 years old and had purchased cryptocurrency at least once in the past three years. The survey will be conducted between January 5-6, 2023.
The Paxos survey also provided some useful insights for banks and traditional financial institutions. It states that they can “diversify their offerings” by including crypto offerings to provide customers with a better experience.
An overwhelming 75% of respondents said they would be willing to buy cryptocurrencies 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 the traditional businesses and financial institutions that deliver the experience consumers are looking for in 2023 will likely be in the market for years to come. occupy a strong position." 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 crypto companies early last month, CryptoPotato reported.
In February, facing the SEC’s crackdown on Kraken, Ripple Labs CEO Brad Garlinghouse noted that cryptocurrency adoption is growing globally.
