A new study commissioned by Bakkt has found that despite the recent downturn in crypto markets and the high-profile bankruptcy of FTX, consumers remain optimistic about the crypto space and their future ability to buy crypto.
Before and after survey, polled more than 3,000 individuals across the US ftx collapseAnd revealed that more than 60% of those already invested in cryptocurrencies are still interested in purchasing additional cryptocurrencies for long-term investment purposes as well as for payment solutions.
The “Biennial US Consumer Crypto Sentiment Study” focuses on both current crypto-holders and those interested in the crypto space following recent market volatility and the FTX saga, as well as their preferred security features and general outlook Guessing his interest in cryptocurrencies. For the place of crypto in the global financial system. 1,000 consumers were surveyed after the FTX collapse to compare how the collapse affected prior findings.
“The results of the study confirm that the cryptocurrency is increasingly attractive and has not been significantly affected by the recent failure of FTX. We do not see any signs of exit from the market.” Bakkt CEO Gavin Michael said. “Regulation and security come in as the top concerns and explain why Bakkt’s thoughtful approach to risk aligns with the values and concerns of crypto owners.”
Interestingly, both current crypto owners and those considering buying it in the future say their level of interest in buying crypto in the future has decreased little or not at all after FTX, with only 7% for owners. a decrease (from 89% to 82%) and an astonishing 2% increase (from 38% to 40%) for the crypto curious. Overall, nearly half of survey participants claimed their interest buy crypto Nothing has changed.
For those who haven’t invested yet, lack of understanding is the primary hurdle. 61% said they don’t understand it well while 41% said they don’t know how investing in crypto works and 38% are unsure what to do with it once bought. Other concerns include security and regulation, with 21% saying crypto is too new and needs more adoption before investing.
The survey also revealed that traditional banks would be the most reliable source for all parties to buy cryptocurrency, with the majority of crypto enthusiasts (68%) saying they would be open to buying it from their primary bank or credit union and 86% Current crypto investors are saying the same thing.
Other findings from the survey showed an overall positive sentiment towards cryptocurrencies among both owners and non-owners, indicating a potential increase in adoption. This, coupled with the growing demand for crypto payments among merchants and customers alike, highlights the growing need for secure and reliable payment solutions that enable seamless transactions between consumers and merchants.
The study’s findings are a testament to the potential of cryptocurrencies as a viable payment solution despite past market failures, indicating that crypto holders and non-holders alike are optimistic about the future of digital assets. And as more companies enter the space to provide secure infrastructure, we can expect an even greater increase in the use of cryptocurrencies for payment purposes.
Other key findings include:
- The majority of those surveyed believe that cryptocurrencies will be more regulated in the future, with 92% of crypto owners and 78% of crypto-curious people making such a prediction.
- A majority of respondents (84%) say crypto is becoming more popular, and 68% believe it is the next step in modern finance.
- 48% of people who are curious about crypto and 51% of those who already own it agree that they are more likely to use cryptocurrency for payment if they receive it through redeeming loyalty points Will be
- More than 60% of cryptocurrency owners use it as a long-term investment, with about 20% using it for p2p exchange or payments.
Overall, the findings of Bakkt’s study indicate a strong interest among both current crypto holders and potential investors, which should reassure investors that the digital asset is still a viable investment and is here to stay.
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