CNBC Survey Shows Mostly Negative Perceptions of Crypto
How do most people feel about crypto? If you thought that the overall sentiment was a positive one, you would be wrong. According to a new survey conducted by CNBC, only about 8% of Americans see cryptocurrency in a positive light.
Changing Sentiment
The public perception of crypto currency has definitely changed over the last year. In March of 2022, about 19% of poll respondents said they thought of cryptocurrency positively. The numbers are less than half that now as the year prepares to close out.
That is a huge change from earlier in the year. What changed their mind?
It could have to do with the market crash that happened recently, after Binance decided to buy up the FTX crypt exchange platform. That caused a market dive that most tokens still have not recovered from.
It was not the only market crash this year either, so it is no wonder that many Americans feel negatively toward cryptocurrency. Many of those who invested in crypto tokens earlier in the year could be feeling burnt now, as most of their investments have tanked from month to month. This has been a tough year for crypto overall, though the previous two years were much better.
Those who feel negatively toward crypto have increased in number as well. Back in March when a similar survey was conducted, 25% of Americans felt negatively toward crypto. That number is up to 43% now. Apparently, a large percentage of the population feels strongly about crypto one way or the other.
Will Things Get Better for the Market?
A year of scandal and market losses certainly is not helping the growing negative sentiments. Bitcoin (BTC) is down by 65% for the year, with Ethereum (ETH) down 68%. That is a lot of lost investments for many traders, and unless things start to look up next year and rates soar, we expect the sentiment toward the crypto market to continue to be a mostly negative one.
There is still plenty of trading happening and money changing hands, with an overall crypto market cap of $847 billion. The general public does not have to be in love with crypto for profit opportunities to happen, but when mainstream interest is high, that does propel the market upward and make major tokens more valuable.
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