American consumers are holding onto their cryptocurrency assets even as prices continue to fall, according to a new national survey.
A poll conducted by Morning Consult found that 19% of U.S. adults said that they owned digital coins and tokens in mid-June of this year after the price of Bitcoin (BTC), the world’s biggest cryptocurrency, fell to $20,000 U.S. That was unchanged from the start of this year.
However, while they might be reluctant to sell their cryptocurrencies, Americans trust in Bitcoin and other digital coins and tokens is turning increasingly negative. Confidence in Dogecoin (DOGE), for example, has declined to a new all-time low of negative -52%, the survey found.
Bitcoin remains most popular with the millennial generation and people who earn more than $100,000 U.S. a year, according to the survey.
Also, the likelihood that consumers in the U.S. will now purchase cryptocurrencies they don’t already own has fallen by roughly 2%, with investors less inclined to spend money on risky assets now that stock markets have fallen into bear territory.
On average, Americans who own Bitcoin said they expect its price to reach $38,000 U.S. by the end of this year. People who do not own any cryptocurrencies said they expect Bitcoin to remain slightly above its current level of $20,000 U.S.
The price of Bitcoin is down 56% year to date at $20,950 U.S.
