On March 7, Paxos released the results of a crypto survey. The survey was conducted from January 5 to 6 in the United States. 5,000 people over the age of 18 took part. The participants are people who have bought cryptos, in the last three years. Paxos also made sure to only interview people with a total family income above $50,000. The purpose of the survey was to assess the impact of the bear market on consumer behavior. The results reveal that many consumers still trust this asset class.
exchanges are still popular
Recently, the SEC Chairman stated that exchanges are not qualified custodians. Now, Paxos has released a report indicating that a large portion of users in the United States still trust custodial wallets. In fact, 89% of respondents indicated that they would not hesitate to entrust their cryptos to exchanges. This, even considering last year’s collapses. Remember that custodial wallets are those wallets provided by exchanges and for which we do not have the private key.
Paxos specified in its report that the bear market had significant industrial fallout. In particular, he cited the fall in the price of bitcoin (BTC). He also mentioned the bankruptcy of Terra, FTX and that of Alameda Research. “2022 has been a rollercoaster year for the crypto industry. […] It’s been a volatile and potentially trying year for ecosystem confidence», noted Paxos.
Paxos stated in its report:Despite the high-profile meltdowns and underlying poor risk management practices seen at several crypto companies, crypto owners still trust intermediaries to hold crypto on their behalf.“.
The survey also revealed that consumers would be “likely or very likelyto buy cryptos from their “main bank“. Paxos revealed in this sense:45% of respondents said they would be encouraged to invest more in cryptos if banks and other financial institutions adopted them more broadly“. It should be clarified that the new report is coming as Paxos is in talks with the SEC on BUSD.
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