Paxos, a regulated digital asset platform, says that even with the calamitous 2022 collapse of FTX, consumers are confident about the crypto sector going forward.
Paxos said it completed the survey in partnership with Pollfish, who polled more than 5000 individuals in an online survey between January 5, 2023, and January 6, 2023. Over 5000 individuals responded to the questions, which required respondents to be over 18 and have a household income of $50,000 or more. They also needed to have a bank account and to have purchased crypto in the past year.
Paxos said that 75% of surveyed individuals said they are confident or somewhat confident about the future of crypto. At the same time, 72% said they have little to no concern about crypto volatility experienced in the last year.
The survey indicated that 89% of respondents continue to trust digital asset intermediaries, including crypto exchanges and mobile payment apps where they hold crypto.
A question about the most desired use cases for crypto are greater integration in daily financial activity, including:
- paying for goods and services (42 percent);
- credit cards or loyalty card programs (38 percent);
- sending money to friends and family (34 percent).
- Other top use cases included long-term investing (52 percent) and day trading (36 percent).
Individuals said they would be likely or very likely to purchase crypto from their bank if it was an option. This is a 12% increase versus 2022.
Also, 45% of respondents said that they would be encouraged to invest more in crypto if there were more mainstream adoption by banks and other financial institutions, with 40% of respondents saying they would be encouraged to invest more in crypto if more merchants accepted crypto payments.
Mike Coscetta, Head of Revenue at Paxos, commented on the survey results stating that in spite of a rocky 2022, research shows that people are looking for more crypto integration and not less.
“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.”
Respondents shared that when looking for information on digital assets, most sought out crypto specific websites (48%) as opposed to mainstream media. They also looked towards social media (42%).