Consumer confidence is considerably higher among cryptocurrency owners than the average American adultas crypto owners are up 16.4 points on the consumer sentiment index.
A Thursday report from the research firm Morning Consult shows that, Although US adult consumer sentiment has fallen 13.5% since mid-January, confidence among crypto owners has held up relatively better, falling just 8.1% over the same period..
The research firm said the discrepancy is explained in part by the fact that the average cryptocurrency owner is “more likely to be wealthier, younger and more masculine” than the average US adult.
“In recent months, age has been one of the biggest drivers of differences in consumer confidence.as fixed incomes, health risks and memories of past episodes of high inflation in the United States lead older Americans to be more pessimistic,” he said.
The report notes that male millennials earning at least $100,000 a year are the most likely to own crypto, though Gen Z adults also show fairly high levels of crypto ownership. Baby boomers and women remain the least likely to hold.
Report cites lofty bitcoin (BTC) price expectations as a factor driving its optimismnoting that the average cryptocurrency user expects the price to bounce back to $38,000 in the next six months.
This is so even though some experts believe bitcoin will remain sideways for the foreseeable future and could drop as low as $16,000.
The price recovery is probably important to the average cryptocurrency holder because the majority of cryptocurrency holders – 66% – mainly see cryptocurrency as a means of earning money rather than using it to send or as a means of paymentaccording to the report.
Bitcoin was the most popular cryptocurrency held by Americans; 75% of US crypto owners held bitcoin, according to the report. Notably, the stablecoin USD Coin (USDC) and the native Solana blockchain token, Solana (SOL), each saw a 4% increase in ownership since January.
By a wide margin, #bitcoin is the most popular#cryptocurrency owned by Americans, as 75% of US crypto owners own Bitcoin. https://t.co/x87mWnFxQF pic.twitter.com/WLoDEtYim8
— Morning Consult (@MorningConsult) July 7, 2022
By a wide margin, bitcoin is the most popular cryptocurrency Americans hold; 75% of US crypto owners own Bitcoin. https://t.co/x87mWnFxQF pic.twitter.com/WLoDEtYim8
The report has also noted an increase in the proportion of Americans who are in favor of stronger regulations in the cryptocurrency space.. The share of Americans who believe the market should be more strictly regulated increased from 17% in January to 21% in June.
The report attributes the increased demand for regulations to the “current environment of greater volatility” stemming from the collapse of the Terra ecosystem. and that Janet Yellen has addressed the risks associated with that event.
The report, titled “The Crypto Report: Our Analysts on the State of Cryptocurrency,” collects data from three surveys. Two of the surveys were conducted between 2,200 and 4,400 and 6,000 American adults., respectively. The third was held monthly in 15-17 different countries and again from June 1-7, 2022 to 1,000 adults per country.
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