Crypto ownership in the US surged in 2022 despite FTX collapse
A new study finds that nearly one-third of U.S. residents hold bitcoin and other cryptocurrencies and 45% of cryptoasset investors prefer patronizing financial institutions and credit unions that support bitcoin (BTC) and altcoins.
U.S. consumers are interested in crypto
While the major regulatory watchdogs in the United States, including Gary Gensler’s SEC and others, have increased their oversight in the web3 space since the collapse of Sam Bankman-Fried’s FTX, Americans’ interest in bitcoin (BTC) and other cryptocurrencies remain quite high.
According to a new study conducted by PYMNTS, in collaboration with PSCU, the largest credit union service organization (CUSO) in the United States, one-third of consumers in the country own crypto and they consider it when making financial decisions.
On the other hand, consumers who do not hold crypto, cite a lack of knowledge about its workings as their limiting factor.
The study, which polled 4,282 US consumers and 100 credit union execs, finds that 45% of cryptocurrency holders, (mostly high-income earners and younger consumers) prefer to patronize innovative financial institutions that offer crypto-related products and services.
CUs remain reluctant to adopt crypto
Despite the high interest in crypto from consumers, 56% of credit union execs remain reluctant to integrate it into their operations.
Notably, the study finds that 66% of CUs are crypto-averse due to the more than 70% crash in the price of BTC and other cryptos in 2022 and the overall volatile nature of digital assets. 43% of CUs say they expect demand for crypto to fade.
However, despite the ‘negative expectations’ of CUs, the researchers found that member interest in crypto increased in 2022, amid the turmoil and FUD triggered by the FTX scandal and other high-profile bankruptcies in the web3 space.
Many consumers in the survey population have expressed their willingness to dump non-crypto-supporting financial institutions for those that do, to gain access to more innovative products.