Americans ‘frustrated’ with inequality in financial system, 20% own cryptocurrencies: survey

As many as 80% of American adults believe the financial system favors those with “powerful interests,” while 20% now own cryptocurrency, according to a new study.

Commissioned by cryptocurrency exchange Coinbase, a 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.

A large proportion of respondents are disappointed with the Global Financial System and want change. Source: Morning consultation

Conducted by intelligence firm Morning Consult, the survey sought to explore perceptions of the global financial system and how US adults and crypto investors view the future of the cryptocurrency and exchange markets.

It found that despite the recent FUD and bad news pouring in from the crypto space, 20% of respondents said they still hold cryptocurrencies, and nearly a third plan to buy, sell or trade cryptocurrencies in the next year.

Morning Consult noted that these numbers have held steady every quarter since January 2022, drifting between 17% and 20% over the last 12 months, meaning recent market turmoil may not have shaken retail investor confidence. for cryptocurrencies in America.

“There is reason to be optimistic about the future of cryptocurrencies. Overall, Americans are frustrated with inequality in the financial system and hungry for change,” Morning Consult wrote, adding:

“Cryptocurrency investors and younger cohorts of Americans continue to believe that crypto is a profitable investment in the future that can lead to societal benefits.”

Cryptocurrency enthusiasm among younger adults also remains high. The study found that 36% of Generation Z (born 1997-2013) and 30% of Millennials (born 1981-1996) currently own cryptocurrencies.

Younger generations remain optimistic about the future of cryptocurrencies. Source: Morning consultation

Minority groups were also found to be more likely to be sympathetic to crypto and optimistic about the future of the asset.

“Black and Hispanic adults are significantly more likely than white adults to have a positive impression of cryptocurrency and are more optimistic that “cryptocurrency and blockchain is the future” than any other cohort.”

Current crypto investors are also optimistic about the future, with 65% agreeing that the best days of the market are yet to come, and 76% of crypto investors still believe that cryptocurrencies and blockchain are the future.

Related: New Research Indicates Boomers Are Better Crypto Investors Than Millennials Or Zoom People

Some market commentators believe that the next bull market will begin when China takes a more favorable view of cryptocurrencies. However, the study found that more Americans would be interested in entering the market if exchanges were more trusted and secure.

Among the general population, 67% marked safe and reliable exchanges as important. In comparison, 91% of cryptocurrency investors said a trusted, secure platform is essential for the crypto market.

Many respondents indicated safe and reliable crypto exchanges as important. Source: Morning consultation

“How Americans view the reliability of exchanges largely influences their cryptocurrency aspirations: if Americans feel that exchanges are safe, they are more likely to invest in cryptocurrency in the future,” Morning Consult wrote.

Morning Consult conducted a survey between Feb. 10 and Feb. 14, questioning a nationwide sample of 2,202 American adults, as well as an oversample of 500 US cryptocurrency investors.