Crypto In Review

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We asked our audience how they feel about crypto in 2023.

Here’s what you need to know before taking action in the space.

To put it mildly, the crypto space is in flux. If you’re reading this report, we probably don’t need to fill you in on what went down last year. Besides, you wouldn’t want us doing that anyway because we aren’t crypto experts. We’ll defer to our editorial colleagues on that one. But we are experts on one thing: Morning Brew’s audience. And that audience is full of curious, forward-thinking finance minds. Over the past few months, Morning Brew Insights asked a subset of our most engaged followers how they feel about crypto and the Web3 space generally. Here’s what they said—and what it means for your brand.

Whether your brand already operates in the crypto/Web3 space or you’re just considering jumping into the fray, Morning Brew’s subscribers and followers are an excellent sample of the people you’ll need to attract to your project. Allow us to introduce you:

First things first, meet our audience

55%

are 18–34

59%

are male

56%

have a HHI over $100k

have investable assets over $250k

25%

On a macro level, the demographics of our crypto-engaged audience look a lot like the types of people most likely to be engaged in the Web3 space. Age-wise, they skew younger. Males are the most represented gender, but not by an overwhelming margin. And financially, most are relatively high earners with cash to invest. Let’s take a look at how they allocate their investments right now:

allocate under 10% of their investments to crypto/Web3

have been investing in crypto/Web3 for under 2 years

currently invest in crypto/Web3

currently invest more than $100k across their portfolios

73%

65%

35%

38%

“Most people don’t like crypto, but that’s just a first impression—you’ve still got the rest of the dinner party to convince them otherwise.”

Over ⅔ of our audience think that while FTX and BlockFi are the first to go down, other companies will follow.

Good news and bad news. The good news is, negative sentiment against crypto hasn’t increased significantly. The bad news is, that’s probably because our audience never thought favorably of crypto to begin with. Like we said earlier, the glass-half-full read here is that the novelty of digital currencies means the final nail in crypto’s coffin has yet to be hammered. If you want to launch something in this space, you need to lean into this. Most people remain unsure about crypto’s value, but that’s just a first impression—you’ve still got the rest of the dinner party to convince them otherwise. Here’s what else you need to know before launching a project into our post-FTX world:

% of MB audience that is bearish on crypto:

“Okay, but after FTX, haven’t most people made up their minds that crypto is too risky?” We wondered the same thing. Audience?

Vibe check

Sept. 2022

77%

Dec. 2022

79%

A fair amount of negative numbers here, but again: If you or your organization wants to launch something anywhere near this space, here’s our advice, which we say over the protests of high school dance chaperones everywhere: Lean in.

Beyond the recent news cycle, our audience research focused on what people feel comfortable with in the crypto space. More importantly, we also talked to people about what they don’t feel comfortable with, what they need, and how they want to be spoken to. All you future project launchers, brand campaign leaders, and startup founders, sharpen your pencils.

There are still lots of opportunities to take action.

More than the news, platform incentives, advertising, and recommendations from financial advisors, we found that talking to friends and family is the No. 1 reason people invest in crypto. If you want to be successful, winning hearts and minds on the grassroots level is vital.

Build community.

While traditional advertising is less effective in this space, educational content is worth the investment. Our audience feels they are 44% less knowledgeable than their peers when it comes to crypto and related industries. If dedicated followers of a business and finance media company feel this way, you can bet the general population does too.

Invest in educational content.

A little over half of our audience who has invested in crypto uses a digital wallet, while almost none of them use a physical cold-storage wallet. This is a big opportunity for anyone in cold storage: The fact that half of our crypto investors have a wallet indicates that they value security, but it’s likely they don’t realize that physical cold storage is often more secure than digital alternatives. A little bit of education will go a long way here.

The people need storage.

Even if you’re a brand or looking to start a brand, people want to talk about cryptocurrencies and Web3 projects like they’re talking with a friend. Maybe because of the amount of noise and trolls in the internet world of finance, our audience is less trusting of social media and media generally when it comes to crypto news. Instead, their preferred method of communication is email newsletters.

Communicate as personally as possible.

The biggest blocker that prevents our community from taking action is security. The brands, organizations, and projects that make people feel the safest will win in this space.

MAKE PEOPLE FEEL SAFE.

Interested in collaborating on a project with Morning Brew Creative Studio?

GET IN TOUCH

82% think crypto should be regulated, which is up from 73% in September.

There was a 20% increase in distrust of Blockchain technology over the same time period.

59% distrust crypto exchanges— a 23% increase from September.

Despite the fact that our audience is both likely and able to invest, the majority still view crypto as a minor piece of the portfolio pie. But we think there’s another important point lurking here: Even for our informed audience, crypto is still new. For those of us working in and covering crypto, the news cycle can make it feel like this technology has been here forever. But even for the financially informed public, that’s not the case. Most young investors still view crypto as an unproven entity, suggesting their opinions about it are still malleable.

Created by

increase in distrust of blockchain technology over the same time period.

distrust crypto exchanges, a 23% increase from September.

think crypto should be regulated, up from 73% in September.

of our audience think that while FTX and BlockFi are the first to go down, other companies will follow.

20%

59%

82%

2/3

Our analysis of Morning Brew’s audience indicates that crypto’s no good, very bad 2022 has given way to new market opportunities in 2023. But in order to take advantage, you need to meet potential investors where they are—which is an uncertain, distrusting state of mind. Now’s the time to lead with education, community building, and personal messaging. The projects that do this the best will lead the next wave of crypto growth.

Bottom line

Dec. 2022

79%

Sept. 2022

77%

% Of MB audience who is bearish on crypto:

Allocate under 10% of their investments to crypto/Web 3

Have been investing in crypto/Web 3 for under 2 years

Currently invest in crypto/Web 3

Currently invest more than $100k across their portfolios

73%

65%

35%

38%

Have investable assest over $250k

Have a HHI of $100k +

Are male

Are 18 -34

25%

56%

59%

55%

GET IN TOUCH

Beyond the recent news cycle, our audience research focused on what people feel comfortable with in the crypto space. More importantly, we also talked to people about what they don’t feel comfortable with, what they need, and how they want to be spoken to. All you future project-launchers, brand campaign-leaders, and startup founders, sharpen your pencils.

There are still lots of opportunities to take action.