Just eight percent of Americans said they held positive viewpoints on cryptocurrency by late November, a CNBC survey found at the time.
The media outlet’s All-America Economic Survey marked plummeting sentiments on cryptocurrency following the collapse of FTX, down from 19 percent in March.
It conducted research from 26 to 30 November and surveyed 800 respondents across the United States. CNBC published the findings on 7 December.
According to the polling, negative views on cryptocurrency spiked from 25 percent to 43 percent in March and November, respectively.
CNBC wrote, “[The results show a] dramatic fall for an investment that was touted as its 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.”
It added that roughly 42 percent of respondents had a “somewhat or very negative view” of cryptocurrencies.
CNBC explained further, “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. The main difference: 17% of crypto investors are ‘very negative’ compared with 47% for non-crypto investors”
The news comes after Bitfury chief executive Brian Brook said at the CNBC Financial Advisor Summit: “90% retail market, which means the sentiment of mom-and-pop investors really 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 relative new entrants, they get scared. [As] a result, liquidity is thinner than it would have been and people’s willingness to invest is lower.”
Negative outlooks on the cryptocurrency market come amid a series of crises that have rocked investors across the industry. Two major crypto assets – TerraUSD (UST) and Celsius – collapsed in May and July, respectively, causing cryptocurreny holders to lose massive sums of money.
Crypto exchange giant FTX also shocked investors when it collapsed on 11 November, resulting in major knock-on effects across the crypto market and triggering global investigations.
