Digital Banking

Bakkt study finds crypto interest steady despite FTX collapse

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December 29, 2022

Despite the collapse of the cryptocurrency exchange FTX, interest in cryptocurrency among users has remained relatively steady, according to research from Bakkt Holdings Inc.

In its U.S. Consumer Crypto Sentiment Study of more than 2,000 U.S. consumers, there was a 7% decline in future considerations for those who already own cryptocurrency and a 2% increase for those interested in cryptocurrency, according to a press release.

Part of the reason for this may be that only 33% of the crypto curious said they remembered reading about any cryptocurrency news, which would include the stories about FTX. Other finding include:

• 71% and 70% of crypto owners said they were extremely or somewhat concerned about safety and regulations.
• 84% said cryptocurrency is gaining popularity.
• 68% said cryptocurrency is the next big advancement in finance.
• 61% of respondents said they don't understand cryptocurrency enough and 41% said they don't know how to invest in cryptocurrency.
• 76% said they would rank their primary bank or credit union as very or somewhat trustworthy for purchasing cryptocurrency compared to 46% for crypto platforms.

"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," Gavin Michael, CEO, Bakkt, said in the release. "Regulation and security come through as top concerns and illustrate why Bakkt's thoughtful approach to risk aligns with crypto owners' values and concerns."