Source: The 2023 Alkami Data Telemetry Report: State of the Industry℠, Emerging Financial Institution Opportunities in an Uncertain Economy / “The Definitions of “Money” and “Payments” Continue to Evolve” page 10.
More dollars are going into cryptocurrency each month than are coming out. The percentage of people participating in the crypto market is higher than it was pre-2021, the long-term trend is upward (Exhibit 8). That said, per Alkami’s primary market research, people’s feelings about crypto seem to be contradictory, with: 46 percent of digital banking consumers reporting they will never own cryptocurrency (either ever or again); 61 percent of consumers saying that crypto has peaked and will eventually fade away (vs. 39 percent who believe it still has potential and will grow in the long-term).
Despite its maligned status in the news and recent bear market, money talks: with more dollars going into cryptocurrency each month than are coming out, and the percentage of people participating in the crypto market higher than it was pre-2021, the long-term trend is upward. As the fog lifts on regulatory uncertainty, cryptocurrency may be an additional asset class for FIs to offer consumers entranced by its potential.
RCFIs, in particular, can be a trusted steward to help these consumers navigate largely uncharted waters if and when cryptocurrency enters the mainstream. While the regulatory environment surrounding cryptocurrency is anything but certain, FIs do have an opportunity to be a guide, educator, and resource about cryptocurrency for account holders.
