FTX and Bitcoin carry an extremely bad reputation

In the past year, the reputation of the crypto industry has taken a big hit due to the many bankruptcies. Bitcoin (BTC) is seen by many as the figurehead of the industry, so it is no surprise that 2022 has also damaged the reputation of the largest crypto by market capitalization.

Axios and Harris Polling have a research conducted to rank the reputation of the leading brands among Americans. Bitcoin and the bankrupt FTX were part of the study and both managed to get anything but a good score.

FTX near the bottom

For many, the demise of the great FTX will still be clearly on their minds. Last November, the crypto exchange led by Sam Bankman-Fried (SBF) managed to make the front page of the crypto news after it filed for bankruptcy. SBF has a long list of official charges and the lawsuit will start in October.

A total of 16,310 Americans were gathered to participate in the study. In the first part, the participants were asked which two brands they think currently have the best reputation and which two have the worst reputation. A list of ”most visible” brands was then compiled, which participants then had to rate on nine dimensions of their reputation.

The failed FTX finished in 99th place behind Fox Corporation, Twitter and Meta. The fact that one of the biggest scandals in the crypto world has not reached the absolute bottom will therefore come as a surprise to many.

The Trump Organization, Donald Trump’s family business, was the only company to have a worse reputation among Americans than FTX. The Trump Organization has already been found guilty of tax fraud, which has caused considerable reputational damage.

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Bitcoin also finishes in the bottom 10

In addition to FTX, Bitcoin was also mentioned by many participants in the first part of the study. Bitcoin’s scores in the second part weren’t as catastrophic as FTX’s, but it still finished in 93rd place.

The bitcoin price is currently still considerably lower than the one set in November all time high and all the scandals of the past year, despite the fact that Bitcoin had nothing to do with it, has most likely put a big dent in the reputation of the king of cryptocurrencies.

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