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I Polled Crypto Twitter After the Market Crashed

What Did I Learn?

Scared Woman - I Polled Crypto Twitter after the Market Crashed - What Did I Learn?

In the beginning of May, spurred on by the collapse of the Terra Luna ecosystem, bitcoin and crypto took a significant drop. Bitcoin was around $39,000 on May 5th and by May 12th it was under $28,000.

How did this affect investor sentiment? Let’s explore. I am in a unique position to share sentiment from my own slice of crypto twitter, Twitter being a very popular location for English-speaking crypto investors. 

From May 2 to June 3, I conducted 28 different surveys on Twitter, with an average of 223 respondents per survey.

My Twitter account has over 17,000 followers who come from the following locations according to Tweepsmap as of June 7, 2022:

  • USA: 6,393
  • Indonesia: 2,482
  • UK: 937
  • Philippines: 913
  • India: 680
  • Canada: 656
  • Nigeria: 574
  • Australia: 390
  • Turkey: 253
  • Germany: 201
  • All other countries: 3,873

This survey conducted on April 25-May 2, with 366 respondents indicates the investment preferences of the surveyed group, which range from different topics in personal finance, bitcoin, crypto or NFTs.

Pie chart - What is your preferred investment poll results

The point being, while this isn’t all of crypto twitter, but this is an insightful cross-section. What can we learn from these surveys?

First off all, let’s dig in to see what this slice of crypto twitter bullish or bearish on.

What Is the Community Bullish On?

The community remained stubbornly bullish on bitcoin and crypto as a whole, while expressing fear regarding individual projects outside of bitcoin and ethereum.

In this poll, which had 483 respondents, and 4 multiple choice questions, 47% planned to invest in crypto or add to their position over the following 6 months. The next most common response was to hold – 36%. Only 2.3% planned to sell and 14.5% intend to avoid it. That of course means that those selling don’t follow me on Twitter, or didn’t bother to answer my poll!

The following surveys were sent out on Twitter with Yes, No and Undecided as the potential answers.

Despite a brutal crash of over 25% in a week, the community remained bullish on bitcoin. Over 72% of the 353 respondents said they planned to invest in bitcoin or add to their position over the following 6 months. That’s a +54.6% net positive, leaving out the undecided.

The surveys yielded a slightly less enthusiastic though still positive response for Ethereum with more answering in the affirmative (54%) than the negative (34%). Ignoring the undecided, that’s a net +20%.

What Is the Community Bearish On?

The same questions was asked for specific cryptocurrencies and sectors, and the responses were generally more negative the smaller the size of the project, indicating that respondents were concerned with risk.

Despite some passionate efforts by communities in answering, most of these were net bearish:

  • DeFi +4.3%
  • Celsius -1.7%
  • Cardano -3.0%
  • BNB -25.0% 
  • SOL -27.3%
  • XRP -40.9%

Another poll was conducted with four choices, on the recently popular memecoin, ApeCoin. Not surprising, as it coincided with the general market crash, the negative choices (Sell/Avoid) beat out the positive choices (Buy/Hold) by 22%

The community was also bearish on the economy as a whole, namely inflation.

This poll, with 189 respondents indicated by a 38.7% difference, thaty they felt US inflation had NOT peaked. Very bearish indeed! 


Chess board king last standing

Talking to my audience on Twitter gives me insight, but it is by no means a perfect gauge. 

Let’s also add the caveat that no one has a crystal ball, and there are some events that are not as predictable as others. 

That being said, here is my take. I continue to be a contrarian investor. What I mean is that I disagree with most of the analysts on social media.

I am one of the few analysts on crypto twitter that were mostly bearish on bitcoin and stocks on January 1, and after the May 2022 crash, I am now one of the few that are bullish on stocks and crypto.

My market sentiment remains unchanged from two weeks ago when I stated this:

This is a unique opportunity to accumulate rapidly growing assets as a discount. The market may not turn around until 2023, but the growth potential heavily outweighs the risk for these assets long-term. No one can time the bottom perfectly, but I believe we are near it.

  • Bitcoin
  • Ethereum
  • Top crypto exchange tokens such as BNB and FTX.
  • Top Metaverse/Gaming assets such as Gala and Sandbox.

I am also bullish on:

  • Value stocks 
  • Profitable tech stocks like Apple, Microsoft and Google. 
  • Recession-Proof stocks (banks, financial services firms, consumer staples and discount retailers)

As the famous contrarian investor Baron Rothschild was once rumored as saying: “Buy when there’s blood in the streets.” He followed his own advice, making a fortune in 1815 by buying in the panic that followed Napoleon’s final defeat at Waterloo.

If you enjoy reading stories like these and want to support me as a writer, consider Subscribing.


This content is for educational purposes only. It does not constitute trading advice. Past performance does not indicate future results. Do not invest more than you can afford to lose. The author of this article may hold assets mentioned in the piece.


Alexandre Lores is a personal finance writer from Tampa Bay, Florida, with the goal to help one million people achieve financial freedom. He has spent over five years studying markets and economics, finding Bitcoin in 2017 and never turning back. He frequently appears on TV and in online news articles and is a regular Twitter spaces host.

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