After weeks of ongoing drama, crypto sentiment has reached an all-time low.

According to a CNBC All-America Economic Survey, just 8% of the American public views cryptocurrencies positively, down from 19% in March… And 43% of the American public views cryptos negatively, up from 25% in March.

But we understand.

FTX’s bankruptcy vaporized nearly $2 billion in customer funds… BlockFi filed for bankruptcy not long after FTX collapsed. And they weren’t the first bad actors that became opportunists through crypto.

So people have a right to be angry – and worried – about what these centralized exchanges could be hiding behind the scenes.

But at the same time, they’re missing the bigger picture…

The collapse of centralized exchanges like FTX and BlockFi is NOT a crypto problem. It’s a greed problem.

As Daily editor Teeka Tiwari has pointed out, the underlying technology behind crypto still works as intended. These decentralized exchanges are transparent.

So you can know exactly what’s going on under the hood.

Meanwhile, institutions like Fidelity and BlackRock are still coming into the crypto space… And “King of Crypto” bitcoin’s underlying computing power (called the “hash rate”) is stronger than ever.

So while sentiment will remain negative in the short term, the long-term fundamentals are still bullish.

If you own crypto, stay the course. And if you don’t, this pullback is an opportunity to get in at prices you may not see again…


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Chaka Ferguson
Editorial Director, Palm Beach Daily