66 million Americans own cryptocurrencies despite bear market

A new survey has devolved into the ownership of cryptocurrencies by Americans at a time the sector is witnessing increased talk around regulation of the industry. 

Indeed, as of February 2023, about 20% of Americans representing at least 50 million citizens, own different types of cryptocurrencies, research published by crypto exchange Coinbase on February 27 indicates. 

The study pointed out that crypto ownership among citizens has remained consistent despite the 2022 bear market that saw assets such as Bitcoin (BTC) plunged by over 60%. Interestingly the vast majority of crypto holders, at 76%, believe digital assets and the underlying technology are the future. 

“At the same time, the survey indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole,” Coinbase said. 

A breakdown of the holders shows that Democrats and Independents are tied at 22%, with Republicans accounting for about 18% of cryptocurrency ownership. 

Need to overhaul financial system 

The research that sampled feedback from over 2,000 individuals saw 80% point out that the current global financial system requires an overhaul terming it unfair. Consequently, 67% of the respondents indicated that the financial system needs an overhaul. 

Following the survey outcome, Coinbase indicated that there are plans to launch countrywide education on the use of cryptocurrencies to make the financial system fair. In this line, the trading platform plans to launch campaigns on using technology to update financial systems and specific use cases from crypto. 

It is worth noting that as more Americans venture into cryptocurrencies, the country still grapples with the sector’s regulations. Notably, several legislative laws have been fronted before different legislative arms proposing the next way forward for the industry. 

The matter has also caught the attention of the White House, which commissioned research into the development of crypto regulations. At the same time, the regulator, the Securities Exchange Commission (SEC), continues to crack down on different players, especially on the issuance of securities.