• A survey by Paxos finds that 75% of consumers remain confident about the future of cryptocurrencies despite some high-profile collapses in 2022.
• The survey found that 72% of respondents were not concerned with the volatility seen in the crypto market this year.
• Consumers’ trust in intermediaries such as crypto exchanges, mobile payment apps, and banks for crypto holding remains high at 89%.
Consumer Confidence in Crypto Remains Strong
A new survey by Paxos, a New York-headquartered blockchain technology company, has revealed that consumer confidence in cryptocurrencies remains strong despite turbulent events this year. The survey found that 75% of consumers are confident about the future of cryptocurrencies and 72% of respondents were not concerned with the volatility seen in the crypto market. Furthermore, consumer trust in intermediaries such as crypto exchanges, mobile payment apps, and banks for crypto holding remains high at 89%.
Consumers Show Appetite for Greater Crypto Integration
The study also showed significant appetite amongst consumers to have greater involvement with cryptocurrencies. The top three most desired use cases mentioned by respondents included buying goods online (73%), investing (67%), and transferring funds (62%). This indicates that there is a desire from consumers to use cryptocurrency more frequently as part of their everyday financial lives.
Cryptocurrency Adoption on The Rise
The survey further revealed that cryptocurrency adoption is on the rise amongst U.S. consumers aged 18 to 34 years old – which accounted for 51% of those who owned cryptocurrency before 2021 compared to 33% before 2021. It also found that among those who purchased cryptocurrency within the last 12 months, 70% had done so because they believed it was a good investment opportunity rather than spending money they already had on hand.
Regulatory Heat Not Deterring Consumer Interest
The survey also revealed that regulatory heat does not appear to be deterring consumer interest when it comes to cryptocurrency investments – 77% said they would likely purchase digital assets if offered through a regulated platform like an exchange or bank account provider such as Paxos and 84% felt strongly about wanting access to digital asset services from trusted sources like traditional banks or stockbrokers.
Conclusion
Overall, this research has affirmed consumer confidence in cryptocurrencies despite recent turbulence – showing that people have faith both in existing intermediaries and potential new entrants providing services related to digital assets. With increasing numbers willing to invest and use them more regularly as part of their everyday lives, it looks set for continued growth over upcoming years