A third of US adults plan to buy, sell or trade crypto in the next 12 months – survey

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(Kitco News) – Despite the struggles the crypto industry faced in 2022 and the fact that Bitcoin (BTC) remains more than 65% below its all-time high of $68,789, there is reason to be optimistic about the future of crypto, according to the results of a recent survey conducted by Morning Consult.

The Coinbase Commission study found that 80% of US adults are frustrated with the inequality of the financial system and believe it favors those with “powerful interests”, with 67% of respondents agreeing that the financial system needs major changes or a complete overhaul while only 4% say there is no need for changes.

The online survey found that the top word associations with the global financial system are “expensive” (34%), “unfair” (30%) and “confusing” (30%).

As perceptions of inequality increase, interest in engaging with the crypto ecosystem and crypto ownership remains steady, with 20% of US adults currently holding at least one digital asset.

“Additionally, nearly a third of Americans plan to buy, sell, or trade cryptocurrency in the next year, indicating that demand for crypto remains strong,” the report said. “Crypto owners in particular remain committed to crypto investments and have a very favorable view of the financial asset.”

The survey found that engagement is not limited to any specific cohort, but instead “cuts across socioeconomic groups.” Views on the future investment potential of crypto are consistent across income groups, with 29% saying they planned to buy or trade crypto in the next 12 months. “This equates to an estimate of approximately 52.3 million US adults who own crypto, with 75.5 million adults expected to trade crypto at least once in the coming year.”

The majority of current crypto holders also continue to have a favorable view of the asset class (60% positive), with 84% indicating they are likely to buy crypto in the next 12 months.

It was found that younger Americans are most likely to favor cryptocurrency and see it as a valuable asset for the future. Members of the GenZ cohort (defined as US adults aged 18-25) had the highest level of current crypto ownership at 36%, followed by Millennials at 30%. These two groups were also more likely to indicate plans to make future crypto purchases.

A majority of Gen Z adults (54%) and Millennials (55%) agree that cryptocurrency and blockchain are the future, and 27% of Gen Z adults and 21% of Millennials considered opening an account on a cryptocurrency exchange in the past 12 months .

Overall, crypto investors and younger groups of Americans still believe that the best days of the crypto industry are still ahead (65%), that cryptocurrency is a worthy investment for the future (69%), and that it will largely benefit society (63% ) and address inequality in the financial system (52%).

Communities of color were found to be more likely to engage in the crypto industry, with black and Hispanic adults most likely to own cryptocurrency, the report said. “There are few indicators that these groups will move away from owning the asset, as most plan to continue trading crypto for the next year.”

Black and Hispanic adults were also found to be significantly more likely than white adults to have a favorable impression of cryptocurrency and to be more optimistic that “Cryptocurrency and blockchain are the future” than any other cohort.

Cryptos appear to be the one area where Democrats, Republicans and independents can agree, as the survey found “limited partisan differences in views on the future of crypto.” A similar proportion of both political groups (22%, 18% and 22% respectively) currently own crypto and plan to continue trading in the next year (32%, 28%, 28%).

When it comes to what respondents identified as the most important thing when it comes to investing in crypto, 67% of Americans feel that it is important to have a reliable, secure platform to access 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,” the report said.

Among those who agreed that crypto exchanges are safe platforms, 70% said crypto and blockchain are the future, and 61% indicated they expect to buy or trade crypto in the next 12 months.

Morning Consult conducted the survey from February 10 to 14, 2023, and received responses from 2,202 US adults plus an “oversample” of 500 current US cryptocurrency investors.