Paxos survey reveals surprising results: 75% of crypto holders positive about the future despite long crypto winter
Despite the tumultuous events of 2022 in the crypto universe, which saw the collapse of giants such as FTX and Terra cause chaos, a recent survey conducted by Paxos, a major stablecoin issuance platform, shows high confidence and optimism among the crypto community.
What did the survey reveal?
According to Paxos, the survey was conducted from January 5 to January 6, 2023 to “find out how the 2022 crypto winter and major industry fallout affected consumer behavior and trust in the crypto ecosystem.” The survey saw participation from 5,000 people, and respondents selected for the survey were residents of the United States, at least 18 years old, and with a combined annual household income over $50,000. Another important criterion to be eligible was to make at least one crypto purchase they last three years and have an active bank account.
Contrary to what one might think, the survey revealed that the tumultuous events of 2022 did not affect the positive outlook of crypto enthusiasts, with more than 75% showing confidence in the future of the crypto industry. Among the survey takers, 72% were “little or not at all concerned” about the huge volatility of the crypto markets in 2022. Of the 5,000 respondents, 27% made their first crypto purchase in 2022.
Another interesting insight revealed that nearly 89% of survey participants have full faith in entities such as crypto exchanges, payment apps and banks to keep crypto safe for them. This comes as a promising statistic after the demise of giant crypto players like Celsius, Genesis and BlockFi.
In the 2021 survey, 63% expressed that they were “likely or very likely” to buy crypto from the primary bank if given a choice. This number has increased by 12% to reach 75% in 2022, which shows great interest from people who want financial institutions like banks to become more connected to crypto.
The report from Paxos revealed that “In addition, 45% of respondents reported that they would be encouraged to invest more in crypto if there was more mainstream adoption by banks and other financial institutions”. 52% of respondents also found crypto to be a desirable long-term investment. The survey showed that an increase in awareness and education related to crypto would encourage 37% of respondents to invest more.
Although the survey revealed many positive statistics and showed the optimistic outlook of crypto enthusiasts, it is relevant 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 most of the recent Silvergate banking crisis, and these factors could have resulted in some change in the survey results.