89% still trust centralized custodians despite 2022's collapses: Survey
American crypto users haven’t lost their trust in “intermediaries” to hold their crypto, with a January survey from Paxos suggesting a majority of United States crypto hodlers still trust banks, exchanges and mobile payment apps to custody their assets.
An annual online survey published on Mar. 7 by the stablecoin issuer conducted between Jan. 5 and Jan. 6 sought to understand how the crypto winter and “large industry fallouts” in 2022 — including FTX and Alameda Research — impacted consumer behavior and confidence in the crypto ecosystem. Paxos noted:
“Ranging from some of the highest Bitcoin prices ever to some of the lowest, largescale industry fallouts from companies like Terra, FTX, Alameda Research, and more — it was a volatile and potentially confidence-testing year for the ecosystem,” it added.
After a turbulent end to 2022, crypto consumers have remained confident for 2023. We conducted a consumer survey and found many reasons why crypto is still viewed as a primary staple for financial livelihoods. Read our full survey here: https://t.co/AwFrGMuX0r pic.twitter.com/TZcmct0O5L
However, the survey found that of those that heard and followed the FTX saga, more than half (57%) of respondents either planned to buy more crypto or simply do nothing as a result of the news.
It also found that 89% of respondents still trusted “intermediaries” such as "banks, crypto exchanges and/or mobile payment apps" to hold their crypto, stating:
The survey also found more desire from consumers to be able to buy Bitcoin (BTC), Ether (ETH) and other digital assets from household or traditional banks, with 75% of respondents indicating they were “likely or very likely” to purchase crypto from their “primary bank” if it were offered, a 12
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