• Paxos conducted a survey which found that 75% of consumers are confident in the future of cryptocurrencies.
• Despite recent implosions and volatility, 89% of respondents trust crypto intermediaries for holding their funds.
• Consumers also expressed an appetite for integrating crypto into their everyday financial lives.
Consumer Confidence in Crypto Remains High
A survey by Paxos, the New York-headquartered blockchain technology company, found that 75% of consumers remain confident in the future of cryptocurrencies despite a turbulent 2022. The survey revealed that 72% of respondents were not concerned with the market’s volatility and 89% still trust crypto intermediaries such as exchanges, mobile payment apps and banks to hold their funds.
Desire for More Crypto Integration
The study demonstrated a significant desire to integrate more cryptocurrency into everyday financial lives. The top three desired use cases mentioned by respondents included using crypto to pay bills, making purchases online and transferring money between family members or friends.
Crypto Adoption on the Rise
In addition to having faith in cryptocurrency’s future, the survey also showed that more users are adopting it as part of their investment portfolios. Compared to 2021 data from Paxos’ previous study, twice as many participants said they currently own some form of digital asset (51%) compared to those who owned it last year (26%). This suggests an increase in adoption among new users who may have been previously reluctant or uninterested due to security concerns or lack of understanding about how digital assets functioned.
Crypto Investment Education Needed
The survey further highlighted how there is still much work to be done in educating consumers about investing in cryptocurrency safely and securely. Nearly half (46%) stated they had little knowledge on how crypto works while nearly one-third (29%) admitted they did not understand risk management when investing digitally – suggesting a need for more education around these topics.
Overall, this research shows that consumer confidence remains strong despite recent turbulence within the industry, indicating potential growth opportunities for companies offering secure storage solutions and educational resources around cryptocurrencies going forward.