Despite recent market volatility and the collapse of high-profile crypto exchanges, a Paxos survey has revealed that the majority of experienced crypto users remain positive about the future of cryptocurrency.
The survey found that 75% of respondents are very confident or somewhat confident in the future of crypto, while 72% reported little or no concern about market volatility over the past year.
The survey, conducted in partnership with research firm Pollfish, gathered responses from over 5,000 people who had purchased cryptocurrency in the past three years and had a total household income of more than $50,000.
Surprisingly, the collapse of FTX and other exchanges has not dampened consumer trust in intermediaries holding their crypto, with over half of respondents indicating continued trust in banks, crypto exchanges, and mobile payments apps to hold their assets.
Financial transactions such as paying for goods and services (42%), credit cards or loyalty card programs (38%), and sending money to friends and family (34%) were among the most desired use cases for crypto. Additionally, 52% of respondents were interested in long-term investing, and 36% in day trading.
The survey also highlighted an opportunity for banks and traditional financial institutions to diversify their product offerings by offering crypto-related services, with 75% of respondents indicating they would be likely or very likely to purchase crypto from their primary bank if it were offered.
However, many consumers are not aware that investment accounts offered through legacy banks are not FDIC-insured.
Despite this, 45% of respondents said they would be encouraged to invest more in crypto if there were more mainstream adoption by banks and other financial institutions, and 40% said they would be encouraged to invest more if more merchants accepted crypto payments.
