US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months

Latest cryptocurrency survey conducted by Morning Consult shows that cryptocurrency owners in the United States are quite optimistic about the future price of Bitcoin. The number of owners barely changed despite the price crashes, which drove down the general crypto market cap to under $1 trillion. 

US adults are strong hands

The number of US adults holding some form of cryptocurrency has not changed, according to the survey report. About 19% of American adults admitted to owning crypto in January, and the same percentage holds still in mid-June when the largest cryptocurrency collapsed below the $20,000 price. 

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However, Bitcoin sales have dropped by 4% since May, and there has also been about a 3% decline in the number of Americans willing or anticipating to purchase cryptocurrencies. This is because US crypto owners have been cutting purchases of risky assets due to inflation and the recession.

The top five cryptocurrencies owned by US consumers are Bitcoin, Ethereum, Dogecoin, USD Coin, and Binance Coin. The majority of Bitcoin owners in the US identified as millennials, $100k salary earners, and adults. 

The respondents who own cryptocurrency are not so bullish on the future price of Bitcoin. However, they are quite optimistic that the largest crypto could lock in an average price of $38,000 in the next six months. 

How regulated should crypto be?

When asked “how regulated cryptocurrency should be relative to financial assets,” up to 27% of the respondents said that digital assets should be similarly regulated as securities and investment funds. About 21% called for more regulation on crypto, while 10% voted for less regulation. 

There are now more Americans who believe that cryptocurrency is harmful to society compared to the previous months. About 32% said crypto is harmful because they don’t rely on traditional finance institutions, and their anonymous property facilitates more criminal acts. 

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