20% of Surveyed Americans Own Crypto Despite Bear Market: Coinbase

The cryptocurrency exchange Coinbase estimated in its latest study that every fifth American has already hopped on the cryptocurrency bandwagon. 

There are more HODLers among youngsters and people of color.

Crypto Can Update the Financial System

Coinbase surveyed over 2,000 American adults to determine their thoughts on the current global financial network and check their sentiment on digital assets. 20% of the participants admitted owning bitcoin or alternative coins despite the “tumultuous events” of 2022.

Recall that last year saw the crash of Terra/Luna, the bankruptcies of Three Arrows Capital (3AC) and Celsius Network, the demise of FTX, and many other catastrophes.

76% of cryptocurrency investors view blockchain technology as “the future.” It outlined that adoption is higher among younger generations, such as Gen Z and Millennials, and people of color. Democrats and Independents are slightly more likely to own crypto than Republicans.

Coinbase also found out that 80% of US residents believe the current global monetary system is unfair, while 67% think necessary amendments should be enforced.

The platform outlined crypto’s role in such a revolution, reminding that troubled communities have already used it to solve “real-world problems.”

“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.”

Several other studies have shown that digital assets have become increasingly popular in countries where many locals lack access to traditional financial services. Gemini determined last year that Brazil and Indonesia are the global leaders in crypto adoption. Both nations’ financial inclusion index is around 85%, resulting in tens of millions of people without access to appropriate monetary products.

Crypto Users to Reach 1 Billion by 2030

A joint study conducted between Bitget, Foresight Ventures, and Boston Consulting Group (BCG) last summer estimated that the number of cryptocurrency users globally could reach one billion in less than a decade.

The partners further concluded that crypto adoption was still in its early days since just 0.3% of the total individual wealth is allocated to digital assets. 

Professional traders are supposedly most interested in the matter, followed by retail and institutional investors. 

The research also determined that North Americans are more likely to invest significant sums in the asset class, while Africans allocate the least.