The cryptocurrency market has had a tumultuous year, with the fall of several prominent players leaving investors in a state of uncertainty. However, amidst the turmoil, a new survey by Coinbase reveals that Americans are becoming increasingly dissatisfied with the traditional monetary system.
The poll indicates that 80% of respondents are unhappy with the current global monetary system, with an astounding 67% demanding immediate transformation.
This dissatisfaction with the current system has made Americans increasingly conscious of its injustices and the need for reform.
In contrast, the survey found that American sentiment towards cryptocurrencies and blockchain technology is generally positive and enthusiastic. Approximately 52% of respondents expressed optimism that digital currencies and blockchain would lead to more equitable financial practices.
According to Morning Consult’s research conducted on behalf of Coinbase, up to 20% (52.3 million) of Americans currently hold some form of cryptocurrency, with nearly 30% (76 million) expressing a desire to purchase digital currencies within the next 12 months. Interestingly, 36% of Generation Z and 30% of Millennials are crypto asset owners.
While the number of Americans holding cryptocurrency has remained relatively steady since early 2022, ownership rates are higher among minorities and younger Americans. Furthermore, 76% of cryptocurrency owners believe that cryptocurrencies and blockchain technology represent the future.
The study found that Americans’ views on the reliability of exchanges play a significant role in their willingness to invest in crypto assets. If Americans perceive exchanges to be secure, they are more likely to invest in crypto in the future.
Researchers have also found that in countries where many citizens lack access to banking services, digital assets have seen significant growth in popularity.
In Brazil and Indonesia, for example, financial inclusion rates are around 85%, leaving tens of millions of individuals without access to adequate financial services. However, as the value of digital assets continues to rise, more people who previously lacked access will now be able to use them.
