Consumer sentiment is relatively strong among US crypto owners, despite price drop: Report ⋆ ZyCrypto
   
As of May 2022 data, new crypto adoption in the US was primarily driven by high-income earners, millennials, and Generation Z adults. Baby Boomers remained largely uninterested in cryptocurrency. This is according to the July 2022 Morning Consult crypto report “Our Analysts on the State of Cryptocurrency.”
The report showed that crypto owners in the US were more ethnically diverse, with 58% of all crypto owners identifying as white and 41% as non-white. According to respondents, the most popular cryptocurrency owned by US adults was Bitcoin (75%), followed by Ethereum (49%), Dogecoin (40%) and USD Coin (37%).
According to the report, adult crypto owners were found to embrace traditional financial services, with crypto owners using banks (88%), credit unions (47%), credit card companies (79%) and digital banks (62%). Crypto owners were also found to use alternative financial services more than the general population.
According to the report, 66% of crypto owners saw crypto as an asset. 16% of respondents saw crypto as a way to send money or buy things. Respondents cited multiple reasons for owning crypto, with 63% holding crypto to make money, 44% diversifying their asset portfolios, and 43% believing cryptocurrencies are the future of money.
The report also found that US adults’ crypto purchase intentions remained relatively strong despite a decline in net confidence in cryptocurrencies. Net trust in cryptocurrencies reportedly rose from 30% in January 2022 to 42% in June 2022.
Among all US adults, the Morning Consult Index of Consumer Sentiment has fallen 13.5% since 2022. The report found that confidence among cryptocurrency owners held up relatively better, down only 8.1% over the same period. The index of customer sentiment among cryptocurrency owners was 15% higher than for all US adults.
As of June 2022, 21% of US adults said cryptocurrencies should be more regulated than traditional financial assets such as securities and mutual funds, up four percentage points from the beginning of the year.
From the report, the current drop in crypto prices since the beginning of the year did not seem to dampen the spirits of US crypto owners as their consumer sentiment remains relatively strong.
