Americans believe crypto has the “potential to be part of the solution to bring about meaningful change” to the global financial system.
Coinbase, an American cryptocurrency exchange established by Brian Armstrong and Fred Ehrsam in 2012, has commissioned Morning Consult to survey United States adult residents on their views on the global financial system and crypto industry.
According to the Coinbase blog post shared on February 27th, over 2,000 American adults participated in the survey, with the majority of respondents claiming that the global financial system should be updated.
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In particular, 80% of respondents believed the current financial system “unfairly favors powerful interests.” 34% of Americans described the global financial system as “expensive,” 30% said it was “unfair” and “confusing.”
Regarding the results, in its blog post, the crypto exchange noted:
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.
However, despite the frustrating global financial system, Americans remained optimistic about crypto and highlighted that it has a “potential to be part of the solution to bring about meaningful change.”
It is estimated that around 20% of Americans or over 50 million people own crypto. It is worth noting that, despite market turmoil, “crypto ownership has remained unchanged since the beginning of 2022.” At all times, 17% to 20% of Americans owned crypto.
The survey commissioned by Coinbase revealed that almost 80% of crypto owners believe that crypto and blockchain are the future. In particular, favoritism towards cryptocurrencies was noticed among minorities.
Black and Hispanic adults are significantly more likely than white adults to have a favorable impression of cryptocurrency and are more optimistic that ‘Cryptocurrency and blockchain are the future’ than any other cohort.
Overall, 65% of respondents agreed that the best days for the crypto industry are still coming.