Bakkt Study Finds Future Crypto Purchase Consideration Holds Steady Despite Recent Crypto Failures

Bakkt Holdings Inc (NYSE: BKKT) (“Bakkt”), a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients, today released findings from its “Bi-Annual U.S. Consumer Crypto Sentiment Study” of more than 2,000 U.S. consumers who own crypto or are interested in crypto, examining their interest in crypto following the summer volatility, their preferred security features and outlook for crypto’s role in the global financial system. An additional short-term assessment of more than 1,000 consumers after the collapse of FTX who own or are interested in crypto was also fielded to understand the impact of the FTX collapse on initial findings. Despite the recent FTX collapse, future purchase consideration of crypto holds steady for both crypto owners and crypto curious, with only a 7% decline in future consideration for crypto owners and a surprising 2% increase for crypto curious. Overall, almost half say their interest in purchasing crypto hasn’t changed.

In the findings prior to the FTX collapse, the topic of regulation was already a top concern following the volatility of the market this past summer. 71% of crypto owners and 70% of crypto curious said they are extremely or somewhat concerned with the safety and regulation around purchasing crypto. Both crypto owners and crypto curious selected “it’s your crypto, not the crypto company’s” as the #1 most important safety and regulation measure. Overall, most respondents, 92% of crypto owners and 78% of crypto curious, predict that crypto will be more regulated in the future. The data also finds that concerns around safety and regulation grow as investment level increases.

“The results of the study confirm that cryptocurrency is increasingly appealing and not significantly impacted by the recent failure of FTX. We do not see signals of a market exit.” said Bakkt CEO Gavin Michael. “Regulation and security come through as top concerns and illustrate why Bakkt’s thoughtful approach to risk aligns with crypto owners’ values and concerns.”

Awareness of the crypto news cycle is found to impact shifts in sentiment. Following the FTX collapse, only 33% of crypto curious stated they recalled reading or hearing about any recent crypto events. With no crypto investments and low recall of recent events, crypto curious purchase sentiment holds steady across testing waves. Crypto owners naturally have higher recall of recent events, at 52%, contributing to their dip in outlook sentiment. The data also shows that those who recalled recent crypto events have stronger concerns around crypto safety and regulation. At the same time, the study revealed that 84% of respondents agree that crypto is gaining popularity. Additionally, 68% also say that crypto is the next advancement in modern finance. When tested post-FTX collapse, agreeability with these sentiments all dipped by a mere single digit percentage overall.