Consumers Still Have High Hopes For Crypto Despite Terrible Market Performance in 2022 – Paxos

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Despite recent high-profile collapses and regulatory scrutiny, consumer trust in crypto intermediaries remains strong, according to a new survey by Paxos, a blockchain technology company based in New York. 

The survey, which polled 5,000 US residents with household incomes over $50,000 who had purchased cryptocurrency at least once in the last three years, found that 75% of respondents are confident about the future of cryptocurrencies. 

Additionally, 89% of respondents expressed confidence in intermediaries such as crypto exchanges, mobile payment apps, and banks for holding their crypto assets.

Interestingly, the survey also found that consumers are increasingly interested in integrating cryptocurrencies into their everyday financial lives. 

The top three desired use cases for cryptocurrencies were paying for goods and services, credit cards or loyalty programs, and sending money to friends and family. 

Furthermore, 75% of respondents indicated they would like to purchase crypto from their primary banks, providing a valuable opportunity for traditional financial institutions to diversify their product offerings.

Mike Coscetta, Head of Revenue at Paxos, noted that:

“Consumers are increasingly viewing crypto as a primary staple of their financial lives, and traditional businesses and financial institutions that deliver the experiences consumers are looking for in 2023 could carve out a formidable position in the market for years to come.”

There were concerns that the market’s volatility in 2022 would dampen consumer adoption. However, the survey suggests that consumers are eager for greater integration of cryptocurrencies into their financial lives. 

That is a positive sign for the crypto industry as it navigates regulatory scrutiny and high-profile collapses. 

As more consumers express interest in cryptocurrencies, traditional financial institutions may need to adapt their offerings to remain competitive in a rapidly evolving market. 

Whether they are willing to do so is a different matter. Banks and governments continue to shun crypto at every possible opportunity. 

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