A new study reveals the confidence of Americans in crypto. According to a recent CNBC survey, only 8% of Americans have a positive opinion about cryptocurrencies in November, a dramatic decrease from 19% said in March.
The end of November saw the release of CNBC’s All-America Economic Survey, the week after the cryptocurrency exchange FTX below.
According to a recent CNBC survey, only 8% of Americans have a positive opinion about cryptocurrencies in November, a dramatic decrease from 19% said in March. CNBC’s All-American Economic Survey was conducted November 26-30. However, it should be viewed with caution because, despite its name, it includes only 800 respondents from across the United States, with a margin of error of +/- 3.5%.
This report was released on December 7 and coincided with the decrease in the number of cryptocurrencies. The percentage of haters (those who have a negative opinion about cryptocurrencies) rose quickly, from 25% in March to 43% in November, according to the respondents of a friend, CNBC said. The results show a “dramatic decline in the investment considered as an asset class with the same release that is growing globally with a lot of Super Bowl advertising and celebrity endorsements.”
What the results show
According to the study, 24% of people in general have invested, traded or used cryptocurrencies in the past, up from 16% in March. This popularity has attracted many ordinary Americans to crypto currency. The study also found that a significant portion of cryptocurrency investors are becoming pessimistic about the asset class, with 42% of respondents indicating that they have a “somewhat or negative opinion. ” concept” in crypto.
The study found that 42% of cryptocurrency investors now have a slightly or very negative opinion of the currency, which is in line with the result of 43% for all the adults who participated in the survey. The main difference is that, unlike 47% of non-crypto investors, 17% of cryptocurrency investors are “very serious,” according to CNBC. The study did not explain the reason for the negative opinion between March and November, although the recent cryptocurrency boom may be to blame.
The US dollar-backed stablecoin Terra USD (UST), which was created by Do Kwon, collapsed in May, wiping out about $44 billion from the market. Celsius filed for bankruptcy in July along with a handful of other cryptocurrency lenders, holding onto large amounts of customers’ money. The biggest shock happened in November. In FTX, the third largest cryptocurrency exchange by trading volume, declaring bankruptcy on November 11, another billion was eliminated from the market and market assets were frozen.
How do investors understand these results?
This week, Brian Brook, CEO of the cryptocurrency exchange Bitfury, pointed out at the CNBC Financial Advisor Summit that the opinion of retail investors is “really important” because the cryptocurrency industry is “90% complete sale”. Therefore, when you see FTX news on the main page of the Wall Street Journal almost every day for the past 30 days, it scares newcomers. As a result, he continued, “the water is thinner than it should have been and people are not interested in investing.”
However, not everything is dark and gloomy, at least according to those who invest in the company, dark and gloomy. A poll conducted by Coinbase between September 21 and October 27 and released on November 22 found that 62% of institutional investors who previously invested in cryptocurrencies increased their holdings.
While FTX has been in the headlines all month, cryptocurrency exchange Bitstamp said company registrations on its digital trading platform increased by 57% in November.