Consumer confidence stronger among US crypto owners

Survey finds crypto owners confident in the economy as wider consumer sentiment plummets

Bitcoin investments                                 
Bitcoin remained the most popular cryptocurrency in the US, with 75% of investors saying they own the cryptocurrency – Photo: Shutterstock

A new report by research firm Morning Consult has found that despite the overall crypto market slump, investor interest and purchasing intent has held steady among US consumers.

Despite broader economic turmoil, the report found optimism has remained strong among US investors, with no signs of these trends reversing – although growth of ownership across the population could potentially stall if inflation gives way to a recession and a “crypto winter”. 

“Crypto owners also remain relatively confident in the economy, even as broader consumer sentiment plummets,” the report added.

Bitcoin remains most popular crypto for US investors

Morning Consult also confirmed that Bitcoin remained the most popular cryptocurrency, with three quarters of US crypto owners stating they own Bitcoin. Ethereum ranked second at 49% with third place surprisingly going to Dogecoin at at 40%.

While Bitcoin has lost more than 60% of its value since its peak in November 2021, the report said investors remain hopeful about the cryptocurrency’s price potential and future. As of 8 July, Bitcoin was trading above the $21,000 mark, with the report stating that US holders expect it to bounce back above $37,000. 

“The average crypto owner remains optimistic about a bitcoin rebound, despite its recent weakness. Most people view cryptocurrency as a potentially valuable investment asset rather than a means of exchange or a long-term store of value.” Morning Consult, The Crypto Report: Our Analysts on the State of Cryptocurrency

A majority of crypto owners (66%) also primarily perceived cryptocurrencies as a way to make money rather than buy goods or send money, according to the report, although over a third of respondents said they do occasionally use their cryptocurrency as a means of payment.

Besides purchasing cryptocurrency to make money, other top reasons US crypto owners gave for investing in crypto was to diversify their assets and that they believed cryptocurrency is the “future of money”.

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