The New Wave of Crypto Adoption
A recent report by ZeroHash highlights the growing trend of renewed trust in the crypto sector, inspiring a new wave of crypto adoption. The industry faced significant challenges in 2022, with fraudulent activities leading to a decline in trust and confidence among consumers.
βTrust is so important in crypto given the uncertainty of the nascent industry, the evolving regulatory landscape, and the perception that crypto is the βWild West,β given some industry participantβs recent failures to put customer interests ahead of their own.β
However, as 2023 progresses, there is a noticeable increase in trust and optimism within the crypto industry. More consumers are now considering including crypto in their investment portfolios.
Reengaging with Crypto
According to the ZeroHash report, consumers are reengaging with crypto because they believe it is here to stay. On average, three out of every four consumers have maintained or increased their engagement with crypto since 2022.
Emphasis on Regulatory Standards and Safety
An interesting development is that consumers now prioritize regulatory standards and safety when investing in a crypto project. Reputation has also become a significant deciding factor for consumers.
Key Considerations for Consumers
The report reveals that reputation was the primary consideration for consumers in the US, UK, Australia, and Brazil when choosing a company to buy and sell crypto. Fees charged are considered less important compared to reputation and regulation.
Driving Further Adoption
βThe best way to engender trust with consumers is to create products that work seamlessly and consistently. There is no replacement for quality service.β
The report suggests that education, reputation, and utility will drive further adoption in the crypto sector. It emphasizes that consumers seek solutions that are better than what they currently have access to, with crypto and blockchain appearing to meet those criteria.
Hot Take: The Future of Crypto Trust
The report by ZeroHash underscores the growing shift towards renewed trust in the crypto sector. With an emphasis on regulatory standards and safety, as well as a focus on reputation and utility, the industry is experiencing a resurgence in consumer confidence. This trend signals a promising future for widespread adoption of cryptocurrencies as part of investment portfolios worldwide.
Sources: ZeroHash Trust Report
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