Americans have just an 8% positive view of Crypto!

    The new CNBC suggests that only 8% of Americans have a favorable view of cryptocurrency as of the end of November, down significantly from the 19% recorded in March.

    CNBC’s All-America Economic Survey was conducted between 26th November and 30th November. That however should be taken with a grain of salt as, despite that name, that had a relatively small sample size of 800 respondents across the U.S. in total with a margin error of +/-3.5%.

    The survey was published on 7th December and alongside the declining number of crypto-friendly respondents, CNBC highlighted that the number of haters has grown rapidly, increasing from 25% in March to 43% by November.

    CNBC suggested the results indicate a “dramatic fall for an investment that was touted as that own asset class and had a celebrated coming-out party on the global stage with multiple Super Bowl ads and celebrity endorsements.

    “That popularity attracted many ordinary Americans to crypto and the survey shows 24% of the public invested in, traded or used cryptocurrency in the past, up from 16% in March.”

    The survey also indicated that a fair amount of crypto investors are turning sour on the asset class too, as 42% of such respondents indicated to have a “somewhat or negative view” of crypto.

    According to the survey, 42% of crypto investors now have a somewhat or very negative view of the asset, in line with the 43% result for all adults in the survey. CNBC notes the main difference 17% of crypto investors are very negative compared with 47% of non-crypto investors. While the survey did not postulate what caused the negative sentiment between March and November, recent events in the crypto industry likely to have played a part.

    In May Do Kwon’s brainchild, U.S. dollar-pegged stablecoin Terra USD imploded wiping $44 billion out of the market. In July lender Celsius among a handful of others went bankrupt and locked up an inordinate amount of customer funds.

    The biggest shock this year was with FTX the third largest crypto exchange for trading volumes filing for bankruptcy on 11th November, wiping billions out of the market again and locking up customer funds.

    At the CNBC Financial Advisor Summit speaking this week, Brian Brook, the CEO of crypto exchange Bitfury emphasized that crypto is a 90% retail market, which means the sentiment of mom-and-pop investors matters.

    “And so when you read FTX stories on the front page of the Wall Street Journal, literally every day for the last 30 days…what it does is for relatively new entrants, they get scared. “

    According to a Coinbase-sponsored survey released on 22nd November and conducted between 21st September and 27th October, it had found that 62% of institutional investors invested in crypto had increased their allocations over the past 12 months.

    This week, Crypto exchange Bit-stamp also claimed that institutional registrations within its digital asset trading platform were up 57% in November, despite FTX dominating the headlines all month.

    Latest stories

    - Advertisement - spot_img

    You might also like...