A staggering 80% of American adults believe the financial system favors those with “powerful interests,” while 20% currently own cryptocurrency, a new survey has revealed.
Commissioned by cryptocurrency 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% asked ” major changes” or a “complete revision”. of the financial system.
The survey was conducted by business intelligence firm Morning Consult and aimed to examine perceptions of the global financial system and how adults and investors in cryptocurrency in the United States viewed the future of the cryptocurrency market and exchanges.
It found that despite the recent FUD and bad news emerging from the crypto space, 20% of respondents said they still own crypto and nearly a third plan to buy, sell or trade crypto within the next year.
The Morning Consult noted that the numbers have held steady every quarter since January 2022, hovering between 17% and 20% over the past 12 months, meaning the recent market turmoil may not have affected sentiment. retail investors in cryptocurrencies in the United States.
“There are reasons to be optimistic about the future of cryptocurrencies. Universally, Americans are frustrated by inequality in the financial system and hungry for change,” Morning Consult wrote, adding:
“Cryptocurrency investors and younger cohorts of Americans still believe that cryptocurrencies are a valuable investment in the future that can deliver social benefits.”
Enthusiasm for crypto among younger adults also remains high. The survey found that 36% of Generation Z (born between 1997 and 2013) and 30% of Millennials (born between 1981 and 1996) currently own cryptocurrency.
It was also found that minority groups were more likely to have a favorable view of cryptocurrencies and to be optimistic about the future of the asset.
“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 cohort.”
Today’s crypto investors also remain bullish on 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 takes a more favorable view of cryptocurrencies. However, the survey found that more Americans would be interested in entering the market if exchanges were more trustworthy and secure.
Among the general population, 67% marked safe and trustworthy exchanges as important. By comparison, 91% of crypto investors said that a secure and reliable platform is vital to the crypto market.
“How Americans view the trustworthiness of exchanges largely informs their cryptocurrency ownership aspirations: if Americans feel exchanges are safe, they are more likely to invest in crypto in the future,” Morning Consult wrote.
Morning Consult conducted the survey between February 10 and 14, with a national sample of 2,202 US adults, and included an oversample of 500 US cryptocurrency investors.