New Bakkt Study Reveals Sustained Crypto Interest as Consumers Seek Regulatory Clarity

Bakkt Holdings Inc (NYSE: BKKT) (“Bakkt”) 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 sentiments, adoption and usage, along with their concerns regarding crypto regulation and consumer protections. Despite recent crypto market turmoil, overall purchase considerations hold steady for Crypto Owners at 84%. Interest amongst the Crypto Curious waned to 27%, down 11 percentage points from Wave 1, which was fielded in October 2022. Overall, almost half (48%) of surveyed participants say their interest in purchasing crypto hasn’t changed, and 30% report an increase in interest.

With the collapse of FTX in the rearview mirror, Wave 2 data shows that crypto news and events are not top of mind for respondents, with economic and financial events such as the inflationary environment and recent banking collapses seeing higher unaided recall.

Both groups continue to agree that crypto is gaining popularity (78%) and will be more regulated in the future (78%), with only single-digit declines from Wave 1. More than half (58%) also continue to believe that crypto is the next advancement in modern finance.

“This study is a testament to continued interest in crypto and the role of regulatory clarity in catalyzing further adoption,” said Bakkt CEO Gavin Michael. “Consumer concerns with security highlight the importance of working with a secure crypto company that prioritizes a regulatory-first and compliant approach.”

Regulation will Drive Future Interest

Of those who reported a decrease in crypto interest over the past 6 months, regulation was noted as the most prominent driver of rekindling interest. Among the Crypto Curious, increased regulation jumped 20 percentage points in importance from Wave 1, highlighting the growing importance of consumer protections over gains. Although Crypto Owners still feel that increased value of the cryptocurrencies themselves will be the top event that revives their interest (69%), increased crypto regulations moved higher for them as well, jumping 10 percentage points. Security and regulation around purchasing crypto remain a top concern for both (Crypto Owners 60%, Crypto Curious 77%). Furthermore, half of Crypto Owners say they evaluate crypto providers differently following last year’s crypto failures. 45% say that they now review a company’s risk management practices when reviewing providers.