CNBC, a major news reporting firm has recently carried out a survey that shows the true level of interest in cryptocurrencies among Americans.

The survey results are quite alarming for the entire cryptocurrency industry. They suggest that the interest level of people in the United States is dropping in cryptocurrencies.

As per the data, not many Americans are supporting or favor cryptocurrencies during these difficult times.

Why the Americans Losing Interest?

Prior to looking at the survey results, it is important to consider multiple factors that might have compelled US residents to change their views about cryptocurrencies.

There was a time when out of every 4 American adults, 1 was invested in cryptocurrencies. However, the situation has changed so dramatically in a matter of a year that people have lost interest.

Constant Plunge in the Crypto-Verse

The cryptocurrency industry has been plagued with crashes and plunges ever since the year 2022 has begun.

Even some of the major firms and protocols have crashed, causing a major dent in the reputation of the entire crypto-verse.

Due to these crashes, people from all over the world have suffered losses that are counted in hundreds of billions. In all major crash instances, the largest number of investors facing losses were from the US.

Therefore, it is quite obvious and justified that millions of users in the United States have lost their interest in cryptocurrencies. They are no longer talking or acting in favor of cryptocurrencies.

The Rising Inflation/Interest Rates

Then comes the second major factor stopping investors from taking interest in cryptocurrencies. The inflation rates have been at a high since the beginning of 2022.

To tackle the rising inflation rates problem, the US Feds have come up with a strategy to hike the interest rates. As a result, there are high chances of a recession coming into play in the United States.

Firstly, the investors do not have extra money other than to take care of their primary and basic matters, so they are not investing in crypto.

Even if they have, they are stopped by the rising interest rates that may continue rising without coming to a step.

Then there are recession fears that every person is afraid to face in the United States. Although the Feds are trying their best to fight off these major calamities, the possibility of a recession cannot be ignored.

This is the reason why people are being very careful with their investments and savings. For now, their top priority is to save up as much money as possible so they can deal with the recession.

Survey Results

Keeping in mind the above-mentioned points, when we look at the survey, we understand why people are not taking much interest in cryptocurrencies.

The survey results show that only 8% of Americans want to favor cryptocurrencies. While the rest have no interest in doing so.

Toward the end of the first quarter of 2022, the survey results confirmed that 19% of Americans were favoring cryptocurrencies.

This means that the sentiments of Americans are declining in favor of cryptocurrencies. According to CNBC officials, they carried out the survey between November 26 and November 30.

Crypto Haters are growing

The survey carried out by CNBC has also revealed that people have started to hate cryptocurrencies.

In March, there were people who claimed that they hated cryptocurrencies and that figure has also increased in the latest survey.

In the previous survey, there were 25% of Americans hated cryptocurrencies but the number surged in November. The report shows that the number of people hating cryptocurrencies has increased to 43%.

Out of the total investors who once had positive sentiments about cryptocurrencies, 42% have developed a negative perception of cryptocurrencies.

Cryptocurrencies had once become a huge traction for Americans from all kinds of sectors. Even some of the players from the NFL, NBA, and National Baseball had demanded to be paid in crypto.

Unfortunately, the cryptocurrency industry has lost its reputation in the running year and people are now moving away from them.