A new survey from Paxos has examined how consumers are currently viewing the crypto market. The findings are striking, because it appears that the vast majority of those surveyed still have full confidence in the crypto market. This while of course a lot of negative developments have taken place in the past year.
High confidence in crypto
In the research consumers were surveyed about their current attitude towards the crypto market. No less than 75% of those surveyed were extremely optimistic about the future of cryptocurrencies. 72% indicated that they are not at all concerned about the high volatility that now and then moves through the market like a shock wave.
What is particularly striking is the fact that no less than 89% of the respondents still have confidence in crypto exchangespayment apps and banks to house cryptocurrencies.
In 2022, a number of giant crypto companies collapsed catastrophically. Examples are natural FTX, BlockFi and Celsius. Nevertheless, consumers do not seem to have lost faith in crypto under any circumstances. The hope that crypto will become an important part of their lives in the future seems to be a firm belief for many consumers.
A top executive at Paxos, Mike Coscetta, had this to say about the findings in the study:
“Despite fears that the shaky end of 2022 would put a brake on consumer adoption of crypto, this research shows that consumers are looking to integrate crypto more into their financial lives, not less.”
Crypto is growing in popularity
After 2022, consumers want more crypto in their lives, not less. Paying for goods and services with crypto in particular was something that people in the study were very interested in. Naturally, investing and trading were also important use cases for respondents.
In total, about 5,000 people were questioned. The survey was conducted online among people with a combined income of more than $50,000 a year, people who were over the age of 18 and who had bought cryptocurrencies at least once in the last three years.