Despite the frustration with the current monetary system in the United States, it appears that the majority of Americans still believe in the future of cryptocurrencies.
Americans still believe in cryptocurrencies
The past year has been a disaster year for the cryptocurrency market due to the demise of several key players such as Terra/Luna, Three Arrows Capital, Cesius Network and the failure of the FTX exchange.
These events have left investors in a state of uncertainty and many have begun to doubt the future of crypto. While the wounds are starting to heal, the industry’s unpredictability remains a recurring problem.
Despite the negativity and doubt, it seems hope is not completely lost when it comes to cryptocurrencies. If we talk about the general perception of the global financial system, it’s a different story.
A new analysis from Coinbase reveals a surprising fact about the current monetary system in the United States. The poll shows that a vast majority of US residents believe the global monetary system is unequal.
The survey found that 80% of respondents were dissatisfied with the current system, with a whopping 67% calling for immediate transformation.
Growing dissatisfaction with the current financial system
The results of the survey indicate that the public is dissatisfied with the current state of the monetary system. It indicates that citizens are becoming increasingly aware of the injustices of the system and the need for reform.
On the other hand, US sentiment towards cryptocurrencies is generally positive and enthusiastic. The survey found that about 52% of respondents were optimistic that digital currencies would lead to more equitable financial practices.
According to survey data conducted by Morning Consult on behalf of Coinbase, up to 20% (52.3 million) of Americans hold some form of cryptocurrency. In addition, nearly 30% (76 million) have expressed a desire to buy digital currencies within the next 12 months.
According to the data presented in the study, 36% of Generation Z members and 30% of millennials own crypto assets.
More and more Americans own crypto
Remarkably, the number of Americans owning cryptocurrencies has hardly decreased since the beginning of 2022, despite all the problems in the industry. The survey shows that ownership rates are higher among minorities and younger Americans.
In addition, 76% of crypto owners believe that cryptocurrencies and blockchain technology represent the future. The majority of Gen Z adults (54%) and millennials (55%) believe that blockchain is the future, regardless of whether they own digital currencies or not.
The Morning Consult wrote the following:
How Americans view the reliability of exchanges largely determines their aspirations of cryptocurrency ownership. If Americans think exchanges are safe, they are more likely to invest in crypto in the future.
Researchers have shown that digital assets have significantly increased in popularity in countries where many citizens do not have access to banking services. Gemini revealed in 2022 that Brazil and Indonesia are at the forefront of cryptocurrency adoption.
Financial inclusion indices in both countries are around 85%, meaning that tens of millions of people in both countries do not have access to adequate financial services.
As the value of digital assets continues to rise, more people who previously couldn’t access them will now be able to use them.