According to a Coinbase survey conducted in February, the percentage of adults in the United States who own cryptocurrencies has stayed relatively constant over the past year. The study also revealed that many of them are “frustrated” by the unfairness of the global financial system.
The business intelligence firm Morning Consult, on behalf of Coinbase, surveyed over 2,000 adults and crypto investors in the US to determine their expectations for the future of the cryptocurrency market.
The survey revealed that an overwhelming 80 percent believe the financial system benefits those with “powerful interests,” and 67 percent want significant reforms to the current financial system or a complete replacement.
Twenty percent of respondents said they own cryptocurrency, and nearly a third said they planned to buy, sell, or trade crypto assets within the next year despite the recent FUD and negative stories coming out of the crypto space.
Most Americans agree – the financial system needs an update ⤴️
A recent Morning Consult survey found that frustration with the system is high, but so is optimism towards crypto.
Can crypto help modernize our financial system for Americans? We think so. pic.twitter.com/J2RBvjwjIV
— Coinbase (@coinbase) February 27, 2023
According to Morning Consult, the numbers have been stable every quarter since January 2022, fluctuating between 17 and 20 percent, suggesting that recent market upheaval may not have rattled the confidence of crypto investors in the country.
Morning Consult explained that there are reasons “to be optimistic” about the future of cryptocurrency. Americans are generally dissatisfied with the financial system’s inequity and eager for change. It added that crypto investors and younger generations of “Americans still believe crypto is a worthwhile investment” with potential societal benefits.
Even amongst today’s young adults, crypto’s continued appeal is undeniable. Currently, 36 percent of crypto owners are Gen Z, and 30 percent are Millennials.
The survey also discovered that members of underrepresented groups are more likely to have a positive outlook on cryptocurrency. It reported that people of colour, particularly African-Americans and Latinos, are more likely to have a favourable view of cryptocurrency and to believe that “cryptocurrency and blockchain are the future.”
Currently, those who have invested in cryptocurrency maintain a positive outlook for the future. Around 65 percent are of the opinion that the market has yet to reach its peak, and 76 percent still hold the belief that crypto and blockchain technology will dominate in the future.