Even after a prolonged crypto winter and fallout of exchanges in 2022 which cast doubts on the crypto industry and impacted investors’ confidence, many investors still believe in the future of the industry. As such, a recent survey by stablecoin issuer Paxos has revealed that despite all the happenings, consumers did not lose their faith in investing in cryptocurrencies.
The published survey which was conducted online for over 5000 participants between Jan 5 and Jan 6 revealed that about 89% of the respondents still have confidence in intermediaries including banks, crypto exchanges, and/or mobile payment apps. This is despite the implosion of big-name players like FTX and its resultant cascading effect on the broader crypto ecosystem.
Furthermore, the survey also showed that customers’ appetite for the nascent asset class has not dwindled and 45% of the respondents are willing to invest more in cryptocurrencies if there was more adoption by traditional financial institutions. In the same vein, 75% of the respondents affirmed that they are likely to purchase crypto from their financial institution, hoping that their banks all venture into crypto purchases and the ecosystem at large.
Meanwhile, the US regulators have embarked on a regulatory clampdown campaign to discourage traditional financial institutions from offering crypto services, especially after Silvergate’s recent troubles.
All of the respondents for the Paxos survey are citizens of the United States aged 18 years and above. These respondents had a total household income greater than $50,000 and acquired cryptocurrencies at some point within the last three years.
Market May See More Inflows
With this update and the corroborating report from the blockchain infrastructure platform, Bitstamp, we are bound to see additional inflows into the industry in no distant future.
The Luxembourg-based cryptocurrency exchange also conducted a survey in the last quarter of 2022. The survey revealed that investors were using the crypto winter to build strong and solid ground for crypto’s next bull run.
Also, the survey which reached out to over 10,000 retail and 2000 institutional respondents in the UK, Italy, Germany, and so on, showed that 61% of crypto investors in the United States have a very high belief in digital assets.
Recall that, the UK government early last month shared its plans to provide improved regulations for the crypto industry to check reckless practices, strengthen the operational resilience of players and ultimately protect users.
