new study by a blockchain infrastructure company Paxos It indicates that cryptocurrency owners see cryptocurrencies as an investment and want mainstream financial service providers to offer products and services to support it.
Top 5 Reasons Respondents Are Interested in Crypto
Three of the top five most desirable use cases for cryptocurrencies involve everyday financial transactions such as payments and transfers, according to a study released on March 7.
The top five reasons respondents were interested in cryptocurrencies were money transfers (34%), day trading (36%), credit card and/or loyalty rewards (38%), and payment for goods or services ( 42%), and as a long-term investment (52%).
40% of respondents said they would be more motivated to invest in cryptocurrencies if more merchants accepted them as payment.
The study found that card companies such as Visa and Mastercard could also benefit from the widespread adoption of cryptocurrencies. Respondents expressed a strong interest in earning credit card and loyalty rewards in cryptocurrencies.
Confidence in crypto is still high, perhaps too high
Even after billions of dollars worth of institutional and retail money disappeared overnight in the aftermath of FTX and Alameda, 89% of survey respondents said their bank, cryptocurrency exchange and/or mobile It says it trusts payment apps to hold cryptocurrencies.
Interestingly, 27% of respondents bought cryptocurrencies for the first time last year. This shows that despite the crypto winter of 2022, interest in cryptocurrencies remains strong and new users continue to enter the market. Moreover, 72% of respondents reported little or no concern about crypto market volatility over the past year, further underscoring this positive sentiment towards the crypto industry.
Crypto Consumers Demand Banks Join Crypto Ecosystem, Findings
According to the latest research, cryptocurrency owners want banks and other financial institutions to enter the cryptocurrency market and support cryptocurrency purchases. According to the survey, 75% of respondents said they would likely or very likely buy cryptocurrencies from a major bank if offered, and 45% said they would buy cryptocurrencies from a bank or other of financial institutions would invest more in cryptocurrencies if they fully embraced digital assets. Given that it is a fintech company, it reveals significant opportunities for banks to expand their offerings to meet the needs of existing customers and support digital assets.
- Two of the top three platforms used by cryptocurrency owners to buy cryptocurrency are non-cryptofocused fintech companies: PayPal (31%) and Robinhood (26%).
- Of survey respondents who purchased cryptocurrencies in the past year, 68% made one or more purchases per month
A total of 5,000 participants participated in the Paxos online survey from January 5, 2023 to January 6, 2023.Full survey results are based on unweighted aggregation of survey responses and are based on Paxos website.