Twitter Poll: People would rather keep their money in the bank than exchanges
- Out of the 9,734 people polled, 68% of people said that they would rather keep their money in the bank than in an exchange.
- Exchange-related debacles like the Cryptopia hack and the QuadrigaCX incident may have affected this decision.
Ran NeuNer, the host of CNBC's Crypto Trader, recently held a Twitter poll where he asked this question: “Today, is your money safer in a bank or a Crypto exchange?” 9,734 people voted and among them, an overwhelming 68% chose banks, while 32% chose exchanges. A lot of exchange-related debacles happened since the beginning of 2019 which may have influenced this decision. The Cryptopia hack and, more infamously, the QuadrigaCX incident may have affected this landslide of a decision.
Reactions to the poll:
Erik Voorhees: “Trick question... money isn’t in a bank.”
Jason Coombs: “Depends. Which answer provides a store of value that is safe from catastrophic failure and economic loss when somebody fails to press the space bar and capitalize words in the proper way?”
Tai Zen: “U should never leave ur money on the exchange in crypto land. Make ur trade and take the coins off immediately!”
Rupert Barksfield: “No contest on that one, in the UK your money in the bank is insured to a certain level by the Gov. much as I dislike FIAT currency”
Julio J Jimenez: “Today we pick option C. Not your key not your crypto.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
