Note that the collapse of cryptocurrency exchange FTX in November 2022 did have an impact on the digital asset industry. In particular, hardware wallet maker Ledger reported a record week of sales in the middle of that month. This means that investors in the immediate aftermath of the trading platform collapse decided to take the right path and start being responsible for the safety of their own coins themselves.

Also after the FTX bankruptcy in the industry as a whole, bitcoin owners started withdrawing their bitcoins from trading platforms more often than depositing them on them. This had not happened before – and even less so for such a long period of time.

However, many investors continue to rely on centralised players to hold their coins. And this is far from good news.

How cryptocurrencies are used

The survey results are rather surprising when you consider all that is happening in the cryptocurrency market in 2022. Still here we can remember the bankruptcy of major crypto exchange FTX, the collapse of Terra ecosystem, the problems of the Celsius trading platform and other popular industry platforms. According to Cointelegraph sources, Paxos analysts described the previous year as an “American race” for crypto.

Despite the listed crashes, 75 percent of respondents said they were confident in the future of crypto, while the remaining 25 percent expressed doubt about the prospects for digital assets. At the same time, 89 percent of survey participants said they continue to trust banks, cryptocurrency exchanges, payment platforms and other centralized crypto-related platforms.

While cryptocurrencies are often promoted as a near-fledged alternative to the banking system, many consumers wouldn’t mind if their banks started working with digital assets. Here’s a quote from Paxos analysts on the subject.

75 per cent of those surveyed said they would be likely or very likely to buy cryptocurrency from their primary bank if such a service were offered. This is an increase of 12 per cent compared to the results of last year’s survey. In addition, 45 per cent said they would be inclined to invest more in cryptocurrencies if banks and other financial institutions start using them more actively.

In the meantime, the situation for banks in the cryptocurrency world remains not good. As it became known last night, Silvergate Capital Corporation decided to voluntarily liquidate Silvergate Bank, which had been one of the most cryptocurrency-friendly banks. Consequently, major exchanges and other centralised platforms will now have to look for other service providers.

The screenshot below shows the proportion of respondents by different age groups willing to buy crypto from their bank.

So far, banks have been rather cautious about doing any business related to crypto. Paxos noted that such centralised organisations now have a good chance of capturing a significant share of the crypto-payment market, given the aforementioned customer demand.

Survey participants also had different opinions on the main uses of cryptocurrencies. Here are the results.

• 34 per cent use crypto to send money to family or friends;
• 36 percent engage in daily trading;
• 38 percent see crypto as a good reward mechanism for various programs;
• 42 percent are willing to pay with crypto for goods and services in daily life;
• 52 percent see cryptocurrencies as a great tool for long-term investments.

The data showed that the top five most desired uses of cryptocurrencies relate to everyday transactions, including payments and money transfers. 40 per cent of respondents also said they would be encouraged to invest in cryptocurrency if more merchants accepted cryptocurrency payments.

Last week, Ripple staff and representatives of the Faster Payments Council conducted a survey of 950 respondents, which included analysts and executives from various companies in 45 countries. In the survey, 97 percent of respondents confirmed their belief that crypto and blockchain will play an important role in introducing faster global payments in the next three years. Meanwhile, more than 50 percent believe that most merchants around the world will accept crypto as payment in one to three years one way or another.

Respondents were also divided on the main source of information about crypto. Forty-eight percent said they make their investment decisions based on information from cryptocurrency-focused media. Another 42 percent said they form their own strategy based on social media posts. Least of all are based on advice from friends or family – only 32 per cent.

Conclusion: traditional businesses still have a huge number of opportunities to attract customers interested in digital assets. The bankruptcies of cryptocurrency companies in the past year have not deterred investors. Moreover, their confidence in centralised platforms remains at its peak in the history of research.


We think this statistic is quite sad. It confirms that many cryptocurrency enthusiasts do not draw conclusions from the situation and continue to rely on the integrity of centralised platforms. And even if they don't waste user funds, as FTX and Celsius executives did, such companies are still not immune to hacks and technical failures. Which means it's really worth it for digital asset owners to invest time and a small amount of money to get familiar with hardware wallets.


What do you think about it? Share your opinion in our millionaires cryptochat. We’ll talk about other important topics from the world of decentralised assets there as well.