Based on research by Coinbase and Morning Consult, it was found that approximately one-fifth of the US population owns some form of cryptocurrency. The survey, which involved over 2,000 American citizens, revealed that the majority of respondents believe that the future lies with digital assets and blockchain technology.
Furthermore, the survey showed that 80% of respondents consider the current financial system to be unfair and dominated by powerful individuals, with 67% calling for significant changes or a complete overhaul of the financial system.
Interestingly, despite the recent bankruptcies of crypto lenders and the collapse of the FTX exchange, 20% of Americans still hold crypto assets. Among cryptocurrency owners, 76% believe in the potential of blockchain and digital assets.
However, it is worth noting that even among those who do not own cryptocurrency, a significant number of Generation Z and Millennials (54% and 55%, respectively) also recognize the potential of these technologies.
The study highlights that cryptocurrencies are increasingly being used to address real-world problems, such as facilitating faster and more affordable international transfers, and enabling individuals without access to traditional banking services to participate in the financial system through stablecoins.
The researchers concluded that policymakers and regulators should take into account the survey results when developing rules for the cryptocurrency market, as cryptocurrencies are expected to be used more frequently by the general public.
Coinbase also plans to launch an educational program to increase awareness among US citizens of the role of cryptocurrencies in the financial system. In addition, last year’s Coinbase survey showed that 62% of institutional investors had increased their investment in long-term holdings of crypto assets, despite market fluctuations.