Most Americans would like to see a change in their monetary system, according to a study conducted on behalf of Coinbase.
A study conducted by Morning Consult on behalf of Coinbase examined perceptions of the global financial system and how American adults and cryptocurrency investors view the future of the cryptocurrency market. He found that Americans believe the current financial system needs to be updated, and there is optimism about bitcoin ownership as we move into the future.
The poll found that “80% of Americans say the global financial system unfairly favors powerful interests.” Additionally, 67% said the financial system needs a major overhaul. Interestingly, younger Americans are more likely to prefer cryptocurrencies and see them as a valuable asset for the future.
With the various challenges presented in the past two decades, including the 2008 financial crisis, the COVID-19 lockdowns, and the subsequent economic fallout, unsurprisingly, “among American adults, the top word associations with the financial system overall are ‘expensive’ (34%), ‘unfair’ (30%) and ‘confusing’ (30%)”.
20% of Americans own cryptocurrency, “which has held steady every quarter since January 2022.” the survey States Despite the downturn in the broader cryptocurrency market as a result of several bankruptcies and failures in 2022, Americans are consistently expressing their interest in owning digital assets. Another interesting note is that current investors who already hold digital assets still view it favorably, with an 84% chance of buying cryptocurrencies in the next 12 months.
Many Bitcoin users have demonstrated the various ways in which the fiat monetary system exhibits the attributes that these respondents have applied to it. The survey is further proof that changes to the monetary system are not only necessary, but also accepted by people who have been living under a fiat system all their lives.
