In recent news, FTX – one of the world’s largest crypto exchange platforms – declared bankruptcy after a series of cascading events were rapidly brought to the public eye. With investors and customers poised to lose, and coin values becoming even more volatile, the event has put the crypto world on edge. How is it impacting consumers and consumer opinion?
Recent CivicScience data show that close to 40% of U.S. adults who have invested in crypto are less likely to invest in the future as the result of recent news about FTX, while an additional 21% are uncertain how to respond. Even so, 40% of crypto investors say they are still likely to invest despite the collapse of the exchange.
The news has dealt somewhat of an equal, if not slightly worse, blow to future growth among prospective adopters, as just 34% of intenders say they are likely to invest in crypto.
Loss in confidence could stem in part from a personal connection or loss from the event. Nearly 30% of crypto investors who are aware of the FTX collapse say they or someone they know has been personally impacted by it.
However, confidence in crypto at least among those with crypto experience may rebound depending on how things shape up in the weeks ahead. Latest data (collected this week) find that 70% of crypto investors say they are just as likely or more likely to invest in cryptocurrency six months from now. Even so, the FTX collapse has ramped up discussion over increasing regulation to prevent another similar crash from occurring, so the future of crypto remains volatile. Stay tuned for more up-to-the-minute updates from CivicScience.
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