74% of experienced investors are planning to invest in crypto in the next 5 years, which is significantly higher than those planning to spend within the next 3 months (62%)
Sentiment about the FTX crash and the cryptocurrency market as it stands
Following the FTX crash and the crippling impact on other major cryptocurrencies across the market, the US crypto community has become increasingly skeptical about the short-term future of crypto.
Of those who are adamant about the safety of other markets not being secure, 65% of expert or advanced crypto investors and 58% of high-volume crypto investors (invested over $5k in crypto in the past 5 years) see other exchanges following suit and crashing alongside. (Since this survey was taken, BlockFi, another large crypto platform already announced they were filing for bankruptcy.)
With focus being pulled towards FTX, familiarity across all major crypto platforms were pulled to show what kind of brands are making both negative and positive impacts in the wake of their competitor.
Top 5 most popular cryptocurrency exchanges
- com (77%)
- Coinbase Exchange (67%)
- Binance (54%)
- FTX (53%)
- eToro (26%)
How much faith do people have in crypto more generally?
Americans who invest in crypto are nervous about the impact that inflation will have on the market, with 69% of users who consider themselves ‘expert investors’ agree inflation will have a negative impact on the crypto market. Additionally, 40% of the surveyed total believing the market is set up to hurt the average investor, with 50% of expert or advanced investors and 48% of high-volume investors believing the same.
What to expect from crypto’s future?
Despite the uncertainty of the immediate market, people plan to keep investing, with a plan to invest more and more as time goes on. 45% of the general investing population will invest more money in crypto in the next three months, this rate being higher among high income investors (61%) and experienced investors (62%). Thinking about the next five years, people are more inclined to invest in crypto as the market develops, with 74% of experienced investors and 68% of high-income investors planning on investing more money. However, younger generations, including Gen Z, believe that investing now in cryptocurrencies is crucial for ongoing success in the market.
Experts are less optimistic about the short term than the general public, only half believe the market will fully recover in the next 3 years.
Thinking about the long term, most Americans (63%) who invest in crypto believe there will be more cryptocurrencies in the future. Experienced crypto investors (84%) and high-volume crypto investors (87%) feel strongly about crypto’s future. Of those who said there will be more crypto currencies in the future, the large majority (79%) expect the market to be successful in the long run.
As can be seen, despite the current circumstances of crypto causing skepticism, crypto investors maintain a positive outlook regarding the long-term future of digital currencies and don’t believe the actions of FTX are a strong indictment of the rest of their community as a whole.