2022 Cryptocurrency Adoption and Purchasing Behavior Survey
Crypto continues to trend towards mainstream adoption. Now more than ever, consumers are purchasing crypto, despite the market’s ongoing volatility. And while this dynamic benefits the crypto industry, consumer adoption creates a “flight of capital” from financial institutions as more customers transfer money out of traditional banking and investment accounts.
To help quantify and better understand consumer behavior as it relates to crypto purchasing habits, Paxos conducted a statistically significant survey of crypto owners in late 2021. The top three trends from the survey are listed below, but to access all the details, download the full report.
The Transition to Mainstream Adoption Continues
With 44% of survey respondents making their first crypto purchase within the past year and 31% within the past 2 years, crypto is transitioning from just a small set of early enthusiasts to a much larger population of consumers as it moves towards mainstream adoption. The survey also found that 62% of respondents are very likely to buy or sell crypto in the next two years, showing that a majority of these new crypto owners plan to stay engaged in the ecosystem beyond their initial purchase.
Three Out of the Four Top Platforms Cited Were Mainstream, Established Financial Services Apps
While Coinbase led the way at 21%, three out of the four top platforms (PayPal, Robinhood and Square’s Cash App) were mainstream, established financial services apps. As more everyday consumers enter the crypto ecosystem, this indicates that crypto investors are inclined to first engage with platforms they already know and trust, versus platforms that are solely crypto exchanges.
Crypto Owners Want Their Primary Banks to Join the Crypto Ecosystem
Given a majority of crypto owners (62%) surveyed would purchase crypto from their primary banking app if offered, the world’s consumer banks have a huge, untapped opportunity in crypto to meet the needs of their existing consumers. As the ecosystem grows, this new asset class could become an active tool to deepen existing customer relationships and drive new customer acquisition.
Crypto Represents an Untapped Opportunity for the Consumer Banking System
As crypto adoption by the everyday consumer continues to increase, financial institutions have an unprecedented, untapped opportunity to continue serving those consumers by becoming a part of the crypto ecosystem.
To learn more about our study and download all of our findings, please fill out the form below.
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