Despite the tumultuous events of 2022 in the crypto universe, which saw the collapse of giants like FTX and Terra causing mayhem, a recent survey conducted by Paxos, a major stablecoin issuing platform, shows high confidence and optimism among the crypto community.
What Did the Survey Reveal?
According to Paxos, the survey was conducted from 5th January to 6th January 2023 to “learn how the 2022 crypto winter and large industry fallouts impacted consumer behavior and confidence in the crypto ecosystem.” The survey saw participation from 5,000 people, and the respondents who were chosen for the survey were residents of the United States, at least 18 years old, and with a total annual household income above $50,000. Another important criterion to be eligible was making at least one crypto purchase in the last three years and having an active bank account.
Contrary to what one may think, the survey revealed that the tumultuous events of 2022 did not impact the positive outlook of crypto enthusiasts, and more than 75% showed confidence in the future of the crypto industry. Among the survey takers, 72% were “little or not worried at all” about the huge volatility of the crypto markets in 2022. Out of the 5,000 respondents, 27% made their first crypto purchase in 2022.
Another interesting insight revealed that almost 89% of survey takers have complete faith in entities like crypto exchanges, payment apps, and banks to hold their crypto safe for them. This comes as a promising statistic after the downfall of giant crypto players like Celsius, Genesis, and BlockFi.
In the survey of 2021, 63% expressed that they were “likely or very likely” to buy crypto from their primary bank if given a choice. This number has shot up by 12% to reach 75% in 2022, showing huge interest in people wanting financial institutions like banks to become more connected with crypto.
The report by Paxos revealed that “Additionally, 45% of respondents reported they would be encouraged to invest more in crypto if there was more mainstream adoption by banks and other financial institutions”. 52% of the respondents found crypto to be a desirable long-term investment as well. The survey revealed that an increase in awareness and education related to crypto would encourage 37% of the respondents to invest more.
Although the survey revealed many positive statistics and showed the optimistic outlook of crypto enthusiasts, it is pertinent to keep in mind that the survey took place in January, and thus the respondents did not witness the BUSD fiasco, which involved Paxos, along with the most recent Silvergate bank crisis, and these factors could have resulted in some change in the survey results.