Friday, October 7, 2022

New Report Shows That Americans Are Holding On To Their Faith In Crypto

A recent research survey by Morning Consult has revealed that Americans are still holding on to their faith in crypto.

After a recent crypto market crash that seems to have taken everything along with it, one would think that by now most crypto investors would have sold off whatever is left of their holdings. But as it turns out, the survey shows that 19% of U.S. adults still own digital assets as of mid-June. This was when the price of Bitcoin – the world’s largest cryptocurrency dipped even further below the $20,000 level.

Recall, however, that even at the start of the year when Bitcoin was still trading significantly higher, a similar percentage of Americans held crypto assets. So, it might be safe to say that trust in crypto assets remains net negative. That is, insofar as the current downturn may not encourage new investors, it hasn’t really had enough effect for the old ones to take their exit either.

Crypto ownership so far in 2022
Source: morningconsult.com

Bitcoin tops as Americans show faith in crypto— Report

By all ramifications, Bitcoin, Ethereum, Tether, and meme cryptocurrency Dogecoin are arguably the most popular digital assets. However, of all those coins mentioned, Bitcoin is the only one that has maintained the same level of trust it did at the start of the year,  its holders. In fact, it remains the most popular crypto asset among the younger demographics and those who earn above $100,000 a year.

Meanwhile, the Morning Consult survey also submitted that confidence in Dogecoin has dwindled to a record low of -52%. The report also claims that Americans do not exactly have a high level of trust in non-fungible tokens (NFTs). 

Additionally, the survey also shows that generally, the possibility that investors will buy cryptocurrencies has reduced by nearly 2%. But that might be understandable. There are genuine inflation concerns at the moment, and crypto prices are not doing so well either. 

Overall, American crypto holders are fully positive that Bitcoin will rise from the ashes again.

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