According to a CNBC survey, only 8% of Americans now believe cryptocurrencies are good. CNBC’s latest All-America Economic Survey shows that 18% of people are confident about the future, a drop from 19% in March.
What has Happened?
According to the CNBC All-America Economic Survey, American attitudes towards cryptocurrency have soured sharply in recent years due to a series of crypto company collapses, scandals, and bankruptcies, with most Americans favoring strong regulation of the market.
There is a 43% growth in the number of people who have a negative view of cryptocurrencies, a higher percentage than the 25% in March. The percentage of people with a positive view of the situation plunged to just 8% from 19%, and the percentage of people with a neutral view also nearly halved to 18% from 31%.
As an investment that was touted as its own asset class and had several Super Bowl ads and celebrity endorsements on the global stage, it’s a dramatic fall for an investment that was touted as its own asset class.
Cryptocurrency has become attractive among ordinary Americans due to its popularity, and the survey found that more than one-quarter of the American public has invested in, traded, or used cryptocurrency at some point in the past.
This survey was conducted from November 26-30, 2017, and had a margin of error of 5%. An NBC News survey in March provided the results for the crypto market.
Based on the results of the survey, 42% of the respondents now have a somewhat or very negative opinion of crypto assets, which is similar to the result for all adults in the survey, which was 43%. There is one major difference between the two groups of investors: 17% of crypto investors are “very negative” versus 47% of non-crypto investors.
There is still a possibility; however, that crypto might have a hard time regaining its credibility since reputation is clearly a key element in the asset’s value.
A number of negative views have been expressed about cryptocurrency at the same time as stock market sentiment has soured. Among investors surveyed for the 15th consecutive quarter, just 26% say that now is a good time to invest.
This is a two-point decline from last quarter’s survey, and it is the most pessimistic level ever recorded in the survey’s 15-year history. There is nothing new about these stats in the crypto industry, however. During the winter, there’s always a lot of negativities, and every time there’s a bull run, minds are changed.
