80% Americans Unhappy With Financial Systems, Others Feel Crypto Can Help

• Coinbase survey found growing interest towards crypto and blockchain. 
• Global crypto market capitalization stands at 1.07 trillion USD. 

Since the inception of cryptocurrencies, the debate only grew if the nascent asset class threatens the traditional financial system. The popularity, adoption, and acceptance of crypto assets across its supporters only increased with time. A recent Coinbase survey found that most Americans seek an update on the existing financial system. Moreover, they think crypto could play a crucial role in the transition.

Hopeful Perception Towards Crypto for Change

The leading US crypto exchange Coinbase and business intelligence firm Morning Consult conducted a February 2023 national survey. The survey was intended to find out and understand what American adults who own crypto have to think about the existing financial regime and if they think cryptocurrencies could be compatible with it. More than 2000 American respondents took part in the survey. 

A recent survey brought some crucial insights forth, showcasing common people’s dissatisfaction with traditional finance. A whopping 80% of respondents registered their disappointment with the global financial system, calling it broadly ‘unfair’ and only favors powerful interests. They were frustrated and wanted the system to change. A considerable majority of respondents, about 67%, think traditional finance needs a significant change, or a ‘complete overhaul’ could also be considered. 

Though the number of overall respondents might not be substantial, the percentage of people seeking change after their displeasure with the financial system. However, other insights indicate blockchain and cryptocurrencies could be potential solutions to resolve the issue. 

Crypto Holders Stand Still Despite the Market Downturn

Broader crypto industry witnessed a heavy market downturn due to the crypto winter last year. This was considered an instance capable enough to make people leave crypto space, but the research’s finding shows this wasn’t the case. It found that about 20% of participants agreed to own cryptocurrencies, varying between 17% to 20% the whole year. Despite the slight changes, the number of cryptocurrency holders remains more or less the same. 

The in-depth information brought the insight that crypto adoption is a ‘rare bi-partisan issue.’ Crypto owners were in nearly equal numbers where 18% were Republicans, 22% were Democrats, while the Independents accounted for the same. 

A notable 76% of respondents agreed in response to the question of crypto and blockchain technology being the future. The diversification showcased 54% of them from Genz and 55% from millennials. 

Citing the traditional financial system being a century old, the blog post noted, it is inefficient, and people pay the price for it by spending their ‘time, money and opportunities.’ The survey also found that the changes sought in the system to get changed, and crypto is treated as a potential solution for it. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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