A survey conducted by the company Paxos has revealed that 89% of the public has confidence in cryptocurrencies, despite the collapse of FTX and Alameda in 2022 and the sometimes rapid fluctuations in price. Moreover, the majority of those consulted want cryptocurrencies to be included within the traditional financial system.A sign of this confidence is the data showing that 27% invested in crypto for the first time in 2022, the same year that saw the market’s biggest fall. This figure confirms the upward trend in the takeup of blockchain technology, while it could also suggest that abrupt changes are a risk that increasing numbers of investors are willing to take.
On this last point, the same survey finds that 72% are either only a little or not at all worried about the crypto market’s volatility, while only 25% say they feel somewhat or very uncertain about the market.
Looking towards the long term
Some 52% of those who feel inclined to buy crypto see it as a long-term investment option. Meanwhile 42% want to use their cryptocurrency to pay for products and services, and 38% want credit cards based on crypto that allow them to receive loyalty rewards like with traditional products do. Some 36% are interested in using crypto to buy and sell shares, and 34% prefer cryptocurrencies as a way to send money to family and friends.
The “pro-bank” majority
Some 75% of people stated that they would invest in cryptocurrency if their bank offered it, suggesting that they are only waiting for market regulation before they get involved. And among those that have already bought crypto assets, 45% say they would invest more if they were backed by banks.
Another significant piece of data is that 40% would use cryptocurrencies if more businesses accepted them as a method of payment. A study by Deloitte in June 2022 reported that 75% of retail businesses planned to start accepting crypt as a means of payment within the next two years. Currently, more than 15,000 companies around the world accept crypto, and there are third-party services that allow payment on websites which don’t yet accept cryptocurrencies directly.
As these developments unfold, the crypto-curious continue to grow in number. According to Accenture’s 2022 Global Consumer Payments report, one in five people in the US now owns some form of cryptocurrency.
As for the sources of information consulted by investors and those interested in cryptocurrencies, the survey carried out by Paxos found that 48% read specialist websites, 42% get information from social media, 36% from national media and 34% from their financial advisors.
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