Over the last year, the crypto space has endured lasting market volatility and scandals, which have negatively affected consumer trust in the industry. However, an end-of-the-year report from Accenture revealed that consumers are still holding crypto — and for the long term.
According to Accenture’s 2022 Global Consumer Payments report, while many consumers still prefer traditional payment methods such as cash or credit card, one in five surveyed consumers now own a cryptocurrency.
For those that hold crypto, 28% say the choice to enter the crypto space is due to long-term investment. This is followed by 22% of consumers saying their choice to step into crypto was out of “curiosity” about the space.
Other alternative reasons were related to alternative financial options and cross border payments:
“A lack of standardization and the complexity of harmonizing regulations across jurisdictions may impede usage of CBDCs for cross-border transactions.”
The report also highlighted…
