This week’s Sentiment Survey special question asked AAII members for their opinion of bitcoin and related digital currencies and blockchain technologies. More than half of all respondents (55%) have a negative view. Many say they avoid crypto-currencies, while others used the words tulips, mania, speculative, foolish and losses in their responses. Approximately 20% said they don’t have an opinion, with a lack of knowledge or understanding about bitcoin and blockchain as the primary reason why. Slightly more than 12% believe blockchain technologies have a future, but are either uncertain or downright skeptical about bitcoin itself.
Here is a sampling of the responses:
- “Bitcoin is based on thin air. There is nothing backing it but euphoric sentiment.”
- “Bitcoin is completely beyond my understanding. I would rather buy tulips.”
- “A very speculative investment. I would not touch it.
- “Bitcoin is a bubble, but the technology could be valuable.”
- “No opinion. I still don’t understand it.”
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