- 50 million Americans own crypto.
- The majority of them believe that cryptocurrency and blockchain technology is the future.
- The survey also revealed what American adults think about the global financial system.
One of the longest-standing crypto sayings is: “We’re early,” meaning that the crypto industry is still in its early stages and will grow substantially in the coming years.
While the growth point might still stand, the belief that current crypto industry investors are “early” seems untrue. A recent survey by Coinbase shows exactly that.
Coinbase asked Morning Consult to survey over 2,000 American adults to discover their beliefs about and involvement in crypto. The survey found that 50 million – or around 20% – Americans own cryptocurrencies.
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“Despite the tumultuous events of 2022, crypto ownership has remained largely unchanged since early 2022, the historic high water mark for crypto ownership in America. Ownership is higher with people of color and younger Americans.”
On top of that, out of the 20% who own crypto, 76% believe that cryptocurrency and blockchain technology is the future. Regardless of whether they do or don’t own any crypto, the majority of Gen Z adults (54%) and Millennials (55%) also agree that blockchain is the future.
While crypto ownership and belief in the technology are perhaps at all-time highs, trust in the traditional financial system has waned.
Americans Distrust the Global Financial System
The Coinbase survey revealed another interesting fact about what Americans think of the current global financial system.
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According to the survey, 80% of Americans think the global financial system unfairly favors powerful interests. Another 67% said the financial system needs major changes or a complete overhaul.
Coinbase said that while the players in the current system are trying to upgrade it, there are still significant challenges that crypto could solve.
“Crypto is already increasingly being used to solve real-world problems. For example, previous studies have found that communities underserved by the banking system are more likely to have used a cryptocurrency, and this study confirms that communities of color are more likely to be engaged with and optimistic about crypto’s future.”
Coinbase highlighted that crypto, especially stablecoins, helps the underbanked populations to gain access to the US dollar.
“On a global level, crypto is offering faster, low-cost cross-border transfers and digital stablecoins are helping underbanked people across the world to gain access to the US dollar and financial services to help launch a small business.”
On the Flipside
- While most Americans seem to believe that the current financial system is wrong, regulators in the U.S. seem to be actively trying to cut off people from the crypto industry.
Why You Should Care
The majority of Americans believe that crypto is good. This shows that the general public realizes the importance of blockchain technology and decentralized currencies. Investors and users might consider educating their friends and family about blockchain technology to further increase crypto adoption.
Read more about what Americans think about cryptocurrency:
Top 10 U.S. States That Are Most Interested in Cryptocurrency
