Bakkt Study Finds Future Crypto Purchase Consideration Holds Steady Despite Recent Crypto Failures - Seite 2

Key Additional Findings:

• Education Remains the Biggest Barrier: Education continues to remain the biggest barrier to entry with 61% of respondents stating they don’t understand it enough, 41% saying they don’t know how to invest in crypto, and 38% saying they don’t know what to do with it. Security and regulation concerns followed, with 21% saying it’s too new and that they want to wait for more adoption.
• Unfamiliarity with Terminology: Less than 50% of crypto curious can accurately identify the relationship between “crypto” and “bitcoin.” While most participants have heard of bitcoin (#1 coin by market cap), only a small percentage say they have heard of the #2 and #3 largest coins by market cap, Ethereum and Tether respectively. The inability to differentiate between terminology, and lack of awareness of coins besides bitcoin suggest more education needed for adoption.
• Banks and Crypto – A Trustworthy Partnership: 76% of the crypto curious segment rate their primary bank or credit union as “very trustworthy” or “somewhat trustworthy” for purchasing crypto, compared to 46% that believe the same for crypto platforms. Almost 90% of crypto owners view their primary bank as trustworthy for purchasing crypto, noteworthy because they have already purchased it elsewhere. Almost 90% of crypto owners are open to earning crypto instead of traditional points, and over half of crypto curious are open to earning crypto. While most consumers prefer cashback when earning, crypto owners are equally open to earning crypto in addition to points than cashback.
• Loyalty as a Pathway for Crypto Payment Adoption: 51% of crypto owners and 48% of crypto curious agree that crypto acquired through redeeming loyalty points would make them more likely to use crypto for payments, even more so than P2P crypto exchange.

Investing for the Long-Term

Of the total sample of mid-October crypto owner respondents, over 60% primarily use crypto as a long-term asset, with almost 20% using it as P2P crypto exchange or for payments. The study also finds that the perception of crypto as a long-term investment increases with age.

About the Survey

Commissioned by Bakkt and conducted via the insights automation platform quantilope, the Wave 1 survey polled more than 2,000 consumers across the U.S. and was fielded mid-October 2022, providing insight into how many individuals have begun to explore and invest in cryptocurrency in the past six months, as well as those who plan on doing so in the next six months. The Wave 2 survey polled more than 1,000 consumers across the U.S and was fielded from November 21 to November 28, 2022, to add additional context to how sentiments on crypto have changed post-FTX collapse.