Americans ‘frustrated’ by inequality in financial system, 20% own crypto: survey
A whopping 80% of US adults believe the financial system favors those with “strong interests”, while 20% currently own cryptocurrency – a new survey has revealed.
Commissioned by crypto exchange Coinbase, the February online survey of more than 2,000 American adults found that 80% of respondents said the “global financial system unfairly favors powerful interests,” while 67% called for “major changes” or a “complete overhaul ” of the financial system.
The survey was conducted by business intelligence firm Morning Consult and aimed to examine perceptions of the global financial system and how US adults and crypto investors viewed the future of the crypto market and exchanges.
It found that despite the recent FUD and bad news coming out of the crypto space, 20% of respondents said they still own crypto, and nearly a third plan to buy, sell or trade crypto in the next year.
Morning Consult noted that the numbers have remained consistent every quarter since January 2022, drifting between 17% and 20% over the past 12 months, meaning recent market turmoil may not have shaken retail investors’ confidence in crypto in America.
“There is reason to be optimistic about crypto’s future. Universally, Americans are frustrated with the inequality of the financial system and are hungry for change,” Morning Consult wrote, adding:
“Crypto investors and younger groups of Americans still believe that crypto is a valuable investment in the future that can lead to societal benefits.”
Crypto enthusiasm among younger adults remains high. The survey found that 36% of Gen Z (born between 1997 and 2013) and 30% of Millennials (born between 1981 and 1996) currently own crypto.
Minority groups were also found to be more likely to have a favorable view of crypto and to be optimistic about the future of the asset.
“Black and Hispanic adults are significantly more likely than white adults to have a favorable impression of cryptocurrency and are more optimistic that ‘Cryptocurrency and blockchain are the future’ than any other cohort.”
Current crypto investors also remain optimistic about the future, with 65% agreeing that the market’s best days are still ahead, while 76% of crypto investors still believe crypto and blockchain are the future.
Related: New research indicates that boomers are better crypto investors than millennials or zoomers
Some market commentators believe that the next bullrun will start when China takes a more favorable view of crypto. However, the survey found that more Americans would be interested in entering the market if exchanges were more reliable and secure.
Among the general population, 67% flagged secure and reliable exchanges as important. In comparison, 91% of crypto investors said that a reliable, secure platform is essential to the crypto market.
“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,” Morning Consult wrote.
Morning Consult conducted the survey between February 10 and February 14, with a national sample of 2,202 US adults, and included an over-sample of 500 US cryptocurrency investors.
