Americans deem the current financial system unfair. There’s a hunger for change – and crypto is one of the solutions.
According to the latest survey by one of the largest crypto exchanges Coinbase, around 20%, i.e. around 50 million, of American adults own cryptocurrency
In a press release, the company indicates that over 2000 people were surveyed by Morning Consult on behalf of Coinbase in February 2023. The research showed that 76% of those who own crypto agree that cryptocurrency and blockchain are the future. These numbers are even higher amongst people of color and younger Americans.
Meanwhile, 80% of respondents think that the current financial system is unfair, with 67% of Americans believing that it is time for a major overhaul of the financial system. While remaining optimistic about the future, Americans also think that crypto will be one of the solutions to the existing problems in the financial domain.
Notably, crypto supporters appear to be immune to partisanship. The survey has shown that crypto ownership is generally consistent for Republicans (18%), Democrats (22%), and Independents (22%).
The authors of the survey also pointed out that despite all of the events that happened in 2022, crypto ownership has largely remained intact.
Besides the majority of Gen Z adults (54%) and Millennials (55%) agree that cryptocurrency and blockchain are the future – regardless of whether they own crypto or not.
Coinbase emphasizes that it is committed to partnering with policymakers in traditional finance to help ameliorate the situation and wants to launch an integrated public education campaign. Its aim is to explicate the everyday challenges that consumers face as well as how crypto could help find a solution to them and beyond.
“We get it. The majority of financial systems were built over 100 years ago when computers and the internet did not exist. The technology is inefficient and all over the world people are paying the price with their time, money, and opportunities,” the press release reads. “While we know that many in the existing financial system are working on updating the system, significant challenges remain, and we believe crypto will be an important part of the solution.”
The company adds that crypto is already making significant changes when it comes to solving real-world problems, citing previous studies, according to which communities underserved by the banking system are more likely to have used a cryptocurrency.
“On a global level, crypto is offering faster, low-cost cross-border transfers and digital stablecoins are helping underbanked people across the world to gain access to the US dollar and financial services to help launch a small business,” Coinbase writes.
Previously, GNCrypto reported that Arbitrum announced integration with Coinbase.
To read more about Coinbase’s CEO Brian Armstrong, follow this link.
