52 million Americans own crypto amid ‘frustration’ at 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 even had a future.

Remembrance of the events serves as a persistent reminder of the industry’s unpredictability, even as the industry’s wounds begin to heal.

Despite the negativity and doubt, it seems that hope is not entirely lost, at least when it comes to cryptocurrency. As for the general perception of the global financial system – that is another story.

A new analysis from Coinbase reveals a surprising fact about the current monetary system in the United States. The poll reveals that a large majority of US citizens believe the global monetary system is unequal.

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

Growing dissatisfaction with the current financial system

The results of the survey indicate that the public is dissatisfied with the current situation in the monetary system. It suggests that citizens are becoming increasingly aware of the injustice of the system and the need for reforms.

In contrast, US sentiment towards cryptoassets is generally positive and enthusiastic. In the survey, approximately 52% of respondents said they were optimistic that digital currencies and blockchain would lead to fairer economic practices.

Source: Morning Consult

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, while nearly 30% (76 million) have expressed a desire to purchase 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 owners of crypto assets.

Increasing crypto ownership among Americans

The number of Americans holding cryptocurrency has barely budged since early 2022, when it reached an all-time high. Ownership 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 or not they own digital currencies.

Morning Consult wrote:

“How Americans view the trustworthiness of exchanges greatly informs their cryptocurrency ownership aspirations: If Americans feel that exchanges are safe, 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 countries where many citizens do not have access to banking services, digital assets have seen a significant growth in popularity. Gemini revealed in 2022 that Brazil and Indonesia are leading the way in cryptocurrency adoption.

Financial inclusion indices in both nations are around 85%, meaning 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