Paxos Survey Reveals Surprising Findings: 75% Of Crypto Holders Are Positive About The Future Despite A Long Crypto Winter
Despite the turbulent events of 2022 in the crypto universe, with the collapse of giants like FTX and Terra causing chaos, a recent survey by Paxos, a major stablecoin issuance platform, shows great confidence and optimism in the crypto community.
What did the survey reveal?
According to Paxos, the survey was conducted from January 5th to January 6th, 2023 to “learn how the 2022 crypto winter and the impact of major industries have been impacting consumer behavior and confidence in the crypto ecosystem.” 5,000 people participated in the survey, and the respondents selected for the survey were residents of the United States, at least 18 years of age, and with a total annual household income of more than US$50,000. Another important criterion for eligibility was having made at least one crypto purchase in the last three years and having an active bank account.
Contrary to what one might think, the survey found that the turbulent events of 2022 did not dent crypto enthusiasts’ positive outlook, and more than 75% showed confidence in the future of the crypto industry. Among survey participants, 72% were “little or not at all concerned” about the tremendous volatility of crypto markets in 2022. Of the 5,000 respondents, 27% made their first crypto purchase in 2022.
Another interesting finding revealed that nearly 89% of survey respondents fully trust companies like crypto exchanges, payment apps, and banks to keep their cryptos safe for them. This is a promising stat after the demise of major crypto players like Celsius, Genesis, and BlockFi.
In the 2021 survey, 63% said they were “likely or very likely” to buy crypto from their main bank, given the choice. That number has increased by 12% to 75% in 2022, showing a keen interest in people who want financial institutions like banks to become more connected to crypto.
The Paxos report revealed that “an additional 45% of respondents said they would be encouraged to invest more in crypto if banks and other financial institutions found more mainstream acceptance.” 52% of respondents also considered crypto to be a desirable long-term investment. The survey found that increasing crypto awareness and education would encourage 37% of respondents to invest more.
Although the survey revealed many positive statistics and showed the optimistic attitude of crypto enthusiasts, it is important to remember that the survey took place in January and therefore the respondents were not the most recent to witness the BUSD fiasco in which Paxos was involved Silvergate banking crisis and these factors may have caused some change in survey results.