Consumer confidence is much higher among crypto holders than the average adult. However, crypto holders sit 16.4 points higher on the consumer sentiment index. So what does this mean for Bitcoin, SHIB and the bear market?
Higher consumer confidence among cryptocurrency holders
Research firm Morning Consult released a report yesterday. Accordingly, the consumer sentiment of the average US adult has dropped 13.5% since mid-January. The trust between Bitcoin and altcoin holders, on the other hand, turned out to be relatively better. So, the report shows that crypto consumer confidence dropped by only 8.1% over the same period. The research firm questioned the reasons for the discrepancy. As a result, the average crypto holder being “richer, younger, and male” than the average US adult seems to partially explain the situation.
Millennials are leaders in Bitcoin, SHIB and altcoin ownership
Morning Consult tried to explain this gap between the old and the young in its report. According to the report, older Americans are haunted by memories of past crises and periods of high inflation in the United States. Therefore, they become more pessimistic. This is how the company explains the gap in the consumer confidence index. Also, the report states that millennial men who earn at least $100,000 a year are more likely to own crypto. However, generation Z adults also show a fairly high level of crypto ownership. However, women are not as interested in owning Bitcoin and altcoins as men. The lowest cryptocurrency ownership rates are in the generation defined as Baby Boomer. This generation includes people born between 1946 and 1964.
Investors are waiting for this level for Bitcoin price
The report reveals that respondents have high price expectations for Bitcoin (BTC). However, the expectation of a rise is considered as a driving factor in consumer confidence. According to the report, the average crypto owner expects BTC to return to $38,000 in the coming months. The estimates of the participants contradict the opinions of the analysts. As we have reported as Kriptokoin.com, many experts predict that BTC will remain flat in the future. In fact, according to some analysts, the price has the potential to drop as low as $16,000. Additionally, the report questions why crypto holders invest. Accordingly, 66% of crypto investors in the US invest to make a profit.
Bitcoin, SHIB, altcoin: Which cryptocurrencies are Americans investing in?
According to the report, 75% of US crypto holders hold the leading cryptocurrency in their wallet. Accordingly, Bitcoin is the most popular crypto among Americans. However, the popularity of some altcoin projects is on the rise. USD Coin (USDC) and Solana (SOL) have increased 4% in ownership since January. Other popular cryptocurrencies are featured in the image below. Accordingly, SHIB is not as popular among Americans as DOGE.
The number of people waiting for regulation is increasing
The report also noted that an increasing number of Americans are opting for heavier regulations for Bitcoin, SHIB and altcoins. The proportion of Americans who believed the market should be regulated more tightly was 17% in January. This rate increased to 21% in June. The research states that the growing desire for regulation among investors is related to the Terra (LUNA) collapse.
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