A staggering 80% of American adults believe the financial system favors those with “powerful interests,” while 20% currently own cryptocurrency, new research 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 conducted by business intelligence firm Morning Consult 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 each quarter since January 2022, hovering between 17% and 20% over the last 12 months, meaning that the recent market turmoil may not have dented retail investor confidence in cryptocurrencies. In america.
“There is reason to be optimistic about the future of cryptocurrency. Universally, Americans are frustrated with inequality in the financial system and are eager for change,” wrote Morning Consult, adding:
“Crypto investors and younger cohorts of Americans still believe that crypto is a valuable investment in the future that can lead to societal benefits.”
Crypto enthusiasm among younger adults also remains high. The survey found that 36% of Gen Z (born between 1997 to 2013) and 30% of Millennials (born between 1981 and 1996) currently own crypto.
Minority groups were also more likely to hold a favorable view of the cryptocurrency and be optimistic about the asset’s future.
“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 group.”
Current crypto investors also remain optimistic about the future, with 65% agreeing that the best days of the market are yet to come, while 76% of crypto investors still believe that crypto and blockchain are the future.
Related: New Research Indicates Boomers Are Better Crypto Investors Than Millennials or Zoomers
Some market commentators believe that the next bull run will begin when China adopts a more favorable view of cryptocurrencies. 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 safe and reliable exchanges as important. In comparison, 91% of crypto investors said a reliable and secure platform is vital for the crypto market.
“How Americans view the reliability of exchanges largely informs their cryptocurrency ownership aspirations: If Americans feel that exchanges are safe, they are more likely to invest in cryptocurrencies in the future,” wrote Morning Consult.
Morning Consult conducted the survey February 10-14, polling a national sample of 2,202 US adults, as well as a sample of 500 US cryptocurrency investors.