Thursday, February 22, 2024
Blockchain

New Bakkt Study Shows Ongoing Crypto Interest and the Need for Regulation

A recent study by Bakkt Holdings Inc (NYSE: BKKT) reveals that people’s interest in cryptocurrencies remains strong despite recent market fluctuations. The “Bi-Annual U.S. Consumer Crypto Sentiment Study” surveyed over 2,000 Americans who own or are interested in cryptocurrencies to understand their views, adoption, and concerns about regulations and consumer protections.

The study found that 84% of current crypto owners are still considering purchasing more digital currencies. However, among those who are curious about crypto but haven’t invested yet, only 27% expressed interest, down from the previous survey conducted in October 2022.

Interestingly, respondents were more focused on economic and financial events like inflation and banking problems rather than crypto-related news. Nevertheless, the study revealed that 78% of participants believe cryptocurrencies are gaining popularity and will face increased regulation in the future. More than half (58%) also think that crypto represents the next evolution in modern finance.

The research emphasizes the importance of regulatory clarity in driving further crypto adoption. Among those who lost interest in cryptocurrencies recently, increased regulation was the main factor that reignited their curiosity. Both current crypto owners and the curious group express concerns about security and regulation when purchasing digital assets.

The study also highlights the role of fintech providers as a popular entry point for crypto investments. Users who primarily buy crypto through fintech platforms have fewer safety and regulation concerns compared to those using traditional crypto exchanges. Trust is key, with the Crypto Curious showing greater trust in fintech channels than in traditional exchanges.

Building trust is crucial for new entrants in the crypto market. The study suggests that existing customer relationships can play a role in establishing trust. Respondents found channels such as financial advisors, primary banks or credit unions, favorite brand loyalty programs, and trusted fintech platforms to be the most reliable.

The study, conducted using the quantilope insights automation platform, surveyed over 2,000 U.S. consumers in April 2023. It offers valuable insights into crypto exploration and investment over the past six months, following the collapse of FTX.

Bakkt CEO Gavin Michael emphasized the study’s findings, highlighting the continued interest in cryptocurrencies and the need for regulatory clarity to drive adoption. He stressed the importance of partnering with secure crypto companies that prioritize compliance and regulatory standards.

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