• Paxos recently surveyed consumers and found that 75% of them were either confident or somewhat confident in the future of crypto.
• 73% of those surveyed said they were not particularly concerned about the volatility in crypto over the past year.
• 54% still trusted crypto exchanges, banks, and mobile payment apps to hold their crypto assets.
Consumer Confidence Resilient Despite Negative News
Paxos recently published the results of a survey showing that consumer confidence in crypto is very resilient despite all of the negative news circulating in mainstream media regarding crypto companies going into bankruptcy and regulators trying to bring the industry down.
Survey Results
The poll was aimed at consumers over 18 with an income of at least $50,000, who have a bank account, and have bought crypto in the last year. The majority of those surveyed (75%) said that they were either confident or somewhat confident in the future of crypto, while 73% stated that they were not particularly concerned about its volatility this past year. 54% still trusted exchanges, banks and mobile payment apps to hold their assets. 42%, 38%, and 34%, respectively used it for goods/services, credit card/loyalty card programs, or sending funds to friends/family; long-term investing was most popular use at 52%.
Trust Remains High
Respondents did not seem as concerned by such events as FTX collapse or other high profile bankruptcies. More than half (54%) still trusted these financial institutions with their assets despite negative news stories. Mike Coscetta from Paxos commented on these survey results saying that consumers are increasingly viewing crypto as part of their financial lives which could be beneficial for traditional businesses moving forward into 2023.
Paxos Contends with SEC
Despite this optimistic survey result, Paxos itself remains under scrutiny by the Securities and Exchange Commission (SEC) alleging that Paxos offered an unregistered security in Binance USD stablecoin which Paxos denies vigorously.
Conclusion
This survey shows that consumer confidence is extremely resilient despite all the negative news surrounding cryptocurrency and trust remains high for many financial institutions dealing with digital currencies.. It appears traditional businesses could benefit from offering services related to cryptocurrencies since people view it as part of their financial lives now more than ever before.