Crypto Ownership Surges in US Despite FTX Collapse
• A new study finds that nearly one-third of US residents hold bitcoin and other cryptocurrencies, while 45% of cryptoasset investors prefer patronizing financial institutions and credit unions that support them.
• Despite the increased oversight from regulatory watchdogs and the volatility of digital assets, consumer interest in cryptocurrency remains high.
• However, most credit unions remain reluctant to adopt crypto due to the crash in price and overall volatility.
Study on U.S. Crypto Ownership
A new study conducted by PYMNTS in collaboration with PSCU, the largest credit union service organization (CUSO) in the United States has found that nearly one-third of U.S consumers own some form of cryptocurrency. The survey polled 4,282 US consumers and 100 credit union execs to get a better understanding of how cryptocurrency is being adopted by Americans.
High Interest Among High-Income Earners & Young Consumers
The data obtained from this survey shows that 45% of those who own cryptocurrency are mostly high-income earners or young adults under 25 years old; they prefer patronizing innovative financial institutions that offer crypto-related products and services over traditional banking institutions that do not support it.
Credit Unions Remain Reluctant To Adopt Crypto
Despite the growing popularity among consumers, 56% of credit union executives remain reluctant to integrate cryptocurrency into their operations due to its volatile nature and the 70% price crash seen in 2022 after the collapse of Sam Bankman-Fried’s FTX exchange scandal. However, despite these negative expectations from CUs, member interest for crypto still increased during this period as more people become aware about it and begin to seek out services related to it from more innovative financial platforms.
It is clear from this study that consumer interest for cryptocurrency remains high despite its volatile nature; however many traditional financial institutions are yet to catch up with this trend as they remain skeptical about integrating it into their operations given its uncertain future outlooks