FTX, and the infamous BitConnect Ponzi scheme. These events led to a loss of trust in the industry, with many investors losing their life savings.
Despite these setbacks, the survey found that most American cryptocurrency holders still have faith in intermediaries such as banks, mobile payment apps, and exchanges to safeguard their digital assets. The survey revealed that 62% of respondents trust banks to hold their cryptocurrency, while 54% trust mobile payment apps and 51% trust exchanges.
The survey also found that 47% of respondents believe that the crypto industry needs more regulation to protect investors. This sentiment was particularly strong among older respondents, with 57% of those aged 55 and above calling for more regulation.
Commenting on the survey results, Paxos CEO Charles Cascarilla said, “The crypto industry has come a long way in the past few years, but there is still a long way to go. The events of 2022 have highlighted the need for greater transparency and accountability in the industry, and we believe that regulation will play a key role in achieving this.”
Overall, the survey suggests that while the crypto industry has faced significant challenges in recent years, there is still a strong belief among investors that digital assets have a place in the financial system. However, this belief is tempered by a desire for greater regulation and oversight to protect investors from fraud and other risks.
