Consumer confidence in crypto remains high recent survey suggests

Paxos has recently published the results of a survey that show that consumer confidence in crypto is extremely resilient.

It would be imagined that crypto sentiment would be low given the sheer amount of negative news that continues to hit the mainstream media headlines, from crypto companies going into bankruptcy, to regulators trying to bring the industry down.

Respondents generally confident about crypto

However, Paxos recently surveyed consumers, with the help of Pollfish, to find out about the public feeling on crypto. The poll was aimed at consumers over 18, who have an income of at least $50,000, have a bank account, and have bought crypto in the last year.

The majority of those surveyed (75%) said that they were either confident, or somewhat confident, in the future of crypto, while 73% stated that they were not particularly concerned about the volatility in crypto over the past year.

It was also interesting to note that the respondents did not seem as concerned by such events as the FTX collapse, or other high profile bankruptcies of crypto companies.

Trust in crypto remains

In point of fact, more than half of those surveyed (54%) said that they still trusted crypto exchanges, banks, and mobile payment apps to hold their crypto assets.

The ways in which the respondents used crypto differed widely. 42% used crypto to pay for goods and services, 38% used it for credit card or loyalty card programs, and 34% sent crypto to friends or family. Long term investing was the biggest use of crypto at 52%.

Commenting on the survey results, Mike Coscetta, Head of Revenue at Paxos said:

“Consumers are increasingly viewing crypto as a primary staple of their financial lives, and traditional businesses and financial institutions that deliver the experiences consumers are looking for in 2023 could carve out a formidable position in the market for years to come.”

Paxos contends with the SEC

In spite of this suggested consumer optimism, Paxos itself remains under scrutiny by the Securities and Exchange Commission, which alleges that Paxos offered the Binance USD stablecoin, which the SEC sees as an unregistered security. Paxos vigorously denies the claim.