Only 8% of Americans have a positive view of crypto: CNBC survey

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A new CNBC survey suggests that just 8% of Americans have a favorable view of cryptocurrency at the end of November, down significantly from 19% in March.

The CNBC All-America Economic Survey was conducted between November 26 and 30. She should be taken with a grain of salt though because, despite her name, she had a relatively small sample of 800 respondents across the United States in total. , with a margin of error of +/- 3.5%.

The survey was released on Dec. 7, and alongside the drop in the number of crypto-supportive respondents, CNBC pointed out that the number of detractors (those with negative views on crypto) grew rapidly, from 25 % in March to 43% in November.

CNBC suggested the results point to a dramatic fall for an investment that was touted as its own asset class and had a celebrated release party on the world stage with multiple Super Bowl ads and celebrity endorsements:

This popularity has attracted many ordinary Americans to crypto and the survey shows that 24% of the public have invested, traded or used cryptocurrency in the past, up from 16% in March.

The survey also indicated that a good number of crypto investors are also looking to the asset class, as 42% of those respondents indicated that they have a somewhat or very negative view of crypto.

According to the survey, 42% of crypto investors now have a somewhat or very negative view of the asset, matching the result of 43% for all adults in the survey. The main difference: 17% of crypto investors are very negative versus 47% for non-crypto investors, CNBC notes.

Although the survey did not posit what caused the negative sentiment between March and November, recent events in the crypto industry likely played a role.

In May, Do Kwons’ brainchild, the U.S. dollar-pegged stablecoin TerraUSD (UST), imploded, wiping $44 billion off the market. In July, crypto lender Celsius, among a handful of others, went bankrupt and tied up an inordinate amount of customer funds.

November saw the biggest shock of this year, with FTX, the third-largest crypto exchange, trading bankruptcy filing volumes on November 11, once again wiping billions from the market and freezing client funds.

Speaking at the CNBC Financial Advisor Summit this week, Brian Brook, the CEO of crypto exchange Bitfury pointed out that crypto is 90% retail, which means that mom-and-bust investor sentiment pop really matters:

And so when you read FTX stories on the front page of the Wall Street Journal, literally every day for 30 days, what he’s been doing is for new entrants, they’re scared.

And so, as a result, liquidity is thinner than it would have been and people’s willingness to invest is weaker, he added.

Related: Vitalik Buterin on the crypto blues: Focus on technology, not price

That being said, all is not bleak, at least as far as institutional investors are concerned.

According to a Coinbase-sponsored survey published on November 22 and conducted between September 21 and October 27, it found that 62% of institutional crypto investors had increased their allocations over the past 12 months.

This week, Crypto Exchange Bitstamp also claimed that institutional registrations within its digital asset trading platform rose 57% in November, despite FTX dominating the headlines all month.

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