‘Financial system needs major change’: poll

unfair financial system

On the 27th, Coinbase, a major US crypto asset (virtual currency) exchange, announced the results of a poll targeting Americans. The majority are dissatisfied with the current financial system and want big changes.

Most Americans agree – the financial system needs an update

A recent Morning Consult survey found that frustration with the system is high, but so is optimism towards crypto.

Can crypto help modernize our financial system for Americans? pic.twitter.com/J2RBvjwjIV

—Coinbase (@coinbase) February 27, 2023

Data intelligence firm Morning Consult, commissioned by Coinbase, explores perceptions of the global financial system and the role of cryptocurrencies. A total of 2,202 general U.S. adults were included in the study, which was conducted over five days beginning February 10, 2023.

First, Americans seem to think the current financial system needs updating.

The survey found that 80% of Americans believe the global financial system unfairly favors powerful stakeholders. Sixty-seven percent believe the financial system needs a major reform or overhaul, with only 4% saying no reform is necessary.

Views and holdings of virtual currency

The survey found that more than 20% of Americans (about 52.3 million people) own cryptocurrencies, and that ownership has been consistent since early 2022. (Morning Consult conducts a quarterly follow-up survey) In addition, about 29% of Americans (75.5 million people) plan to trade virtual currencies in the next year, indicating that demand for virtual currencies will continue to be strong. is shown.

60% of people who own cryptocurrencies have a positive view of them, and 84% of them said they are likely to buy cryptocurrencies in the next 12 months.

Young People Show High Enthusiasm

Cryptocurrency ownership is highest among younger demographics, with Gen Z (ages 18-25) at 36% and millennials at 30%. 39% of Gen Z and 45% of millennials plan to buy cryptocurrency in the future.

More than half of these generations agree that “cryptocurrencies and blockchain are the future,” regardless of their cryptocurrency holdings. (Gen Z: 54%, Millennials: 55%)

Optimistic about the future of cryptocurrencies

Crypto investors have maintained their enthusiasm for the asset class despite the market downturn, a survey reveals.

65% of cryptocurrency holders agree that the golden age of cryptocurrency is yet to come. They believe that the spread of cryptocurrencies is beneficial for society (63%) and personally (72%).

Also, cryptocurrencies and blockchain are the future (76%), cryptocurrencies are a worthwhile investment in the future (69%), and cryptocurrencies make the financial system fairer (69%). 52% agree.

Coinbase Enthusiasm

Coinbase is making the results publicly available, arguing that it would be useful to convey the views of the “average U.S. voter” uncovered in the survey to the wider public, especially policy makers.

Starting this week, the company plans to launch a cohesive educational campaign about the role cryptocurrencies can play in transforming the financial system to be more open, fair and fast.

Coinbase has completed two commercials, one showing the inefficiencies of the current financial system and one demonstrating the benefits cryptocurrencies bring to people around the world, available for viewing on their official blog.

The campaign will publish data and reports on a regular basis and aim to provide opportunities for cryptocurrency holders to reach out to policy makers.