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Seeking Alpha 2022-07-04 17:14:00

Crypto owners remain committed to bitcoin despite market turmoil, Morning Consult says

Cryptocurrency investors in the U.S. are still fond of bitcoin (BTC-USD) despite its massive drawdown of around 65% from its November peak amid a broader flight from risk."Headlines about institutional investors’ liquidating their positions and asset prices tanking may scare the regular retail investor, but once again, crypto owners are proving to be a different kind of risk taker," Morning Consult reported, citing 4.4K respondents of a survey that took place as bitcoin (BTC-USD) fell below $20K on June 18. "Instead of shedding assets, U.S. cryptocurrency owners are buckling down and preparing to hibernate for a crypto winter."While downbeat crypto-related headlines have been taking the spotlight in recent months, 19% of U.S. adults said they own a crypto, and 14% reported owning only bitcoin (BTC-USD) as of mid-June. Both shares were the same in January, according to Morning Consult.Still, as the crypto downturn sets in, crypto owners' six-month price predictions for bitcoin (BTC-USD) has dropped to $37,895 in June from $45,732 in May and $49,779 in January, the monthly survey said. Bitcoin (+1.2%) is rising slightly to $19.3K as of shortly before 1:00 p.m. on Friday Furthermore, consumers are increasingly losing trust in prominent crypto-related firms like Coinbase Global (NASDAQ:COIN), Binance and FTX, as "these companies are too young to have established long-term relationships with consumers (or stores of goodwill) and ha...

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