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  • 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.”