US Consumers Believe Bitcoin (BTC) Will Fall to New Bear Market Levels in Wake of FTX Collapse: New Survey
A new survey says US consumers believe the high-profile implosion of FTX will drive Bitcoin (BTC) prices to new lows amid the enduring bear market.
Business intelligence firm Morning Consult conducted the survey with a sample size of between 2,200 to 4,400 US adults from November 15 to 17, a few days after the collapse of FTX.
According to the survey, US consumers believe Bitcoin will fall to $11,526 in six months in the wake of the FTX bankruptcy, suggesting a potential decline of over 32% from BTC’s current value of $17,046.
Morning Consult also says that the current prediction of US consumers is $5,600 lower than the result of the same study conducted in October of this year and cheaper by over $15,500 when they ran the survey in January.
says Morning Consult,
“News has clearly shaken consumer faith in the most prominent cryptocurrency’s value.”
While all US adults believe that Bitcoin will fall significantly in the coming months, crypto owners are “slightly more optimistic,” according to the study. Crypto owners who participated in the poll predict that BTC will rise to $17,503.
According to Morning Consult, crypto owners’ price predictions have been significantly higher than the pulse of the general population and more in touch with BTC’s current value.
The study also reveals that only 38% of US consumers believe digital assets are likely to last for the next decade, while 74% of crypto holders believe crypto is likely to survive the next 10 years.
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Featured image: Shutterstock/tykcartoon/Nikelser Kate
