52 Million Americans Own Crypto Amid ‘Frustration’ In Biased Financial System: Survey

A year of disaster for the cryptocurrency market saw the demise of Terra/Luna, Three Arrows Capital, and Celsius Network, as well as the failure of the FTX exchange.

Investors were left in a state of disarray, misery, and uncertainty as a result of the events, and many began to wonder if the business had a future at all.

The recollection of the events serves as a persistent reminder of the industry’s unpredictability, despite the fact that the industry’s wounds are beginning to mend.

Despite the negativity and doubt, it looks like hope is not totally lost, at least on cryptocurrency. With regards the general perception on the global financial system – it’s a different story.

A new analysis by Coinbase reveals a surprising fact about the present monetary system in the United States. The poll reveals that a vast majority of U.S. residents believe the global monetary system is unequal.

Eighty percent of those surveyed were dissatisfied with the current system, and an astounding 67 percent demanded immediate transformation.

Growing Dissatisfaction With Current Financial System

The results of the survey indicate that the public is dissatisfied with the current situation of the monetary system. It indicates that citizens are becoming increasingly conscious of the system’s injustices and the need for reform.

In contrast, American sentiment toward crypto assets is generally positive and enthusiastic. In the survey, about 52% of respondents said they were optimistic that digital currencies and blockchain would lead to more equitable financial practices.

Source: Morning Consult

According to survey data conducted by Morning Consult on behalf of Coinbase, up to 20% (52.3 million) of Americans purportedly hold some form of cryptocurrency, while nearly 30% (76 million) have expressed a desire to buy digital currencies within the next 12 months.

According to the data presented in the research, 36% of members of Generation Z and 30% of Millennials are crypto asset owners.

Growing Crypto Ownership Among Americans

The number of Americans who hold cryptocurrency has barely budged since early 2022, when it hit a record high. The ownership rate is higher among minorities and younger Americans, based on the survey.

In addition, 76% of the 20% of owners believe that cryptocurrencies and blockchain technology represent the future. The majority of Gen Z adults (54%) and Millennials (55%) feel that blockchain is the future, regardless of whether they own or do not own digital currencies.

Morning Consult wrote:

“How Americans view the reliability of exchanges largely informs their aspirations of cryptocurrency ownership: if Americans feel exchanges are secure, then they are more likely to invest in crypto in the future.” 

Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com

Researchers have shown that in nations where many citizens do not have access to banking services, digital assets have seen significant growth in popularity. Gemini revealed in 2022 that Brazil and Indonesia are leading the way in cryptocurrency adoption.

Financial inclusion indexes in both nations are around 85%, which means that tens of millions of individuals in both countries lack access to adequate financial services.

As the value of digital assets continues to rise, more people who previously lacked such access will now be able to use them.

-Featured image from ValuePenguin