A disastrous year for the cryptocurrency market saw the demise of Terra/Luna, Three Arrows Capital, and Celsius Network, as well as the failure of the FTX exchange.
Investors were left in a state of chaos, misery, and uncertainty as a result of the incident, and many wondered if the business had a future.
The memory of the event is a reminder of the unpredictability of the industry, even as the industry’s wounds are beginning to heal.
Despite the negativity and doubt, it looks like hope is not completely lost, at least in cryptocurrency. Regarding public perception of the global financial system – that’s a different story.
A new analysis by Coinbase reveals some surprising facts about the current monetary system in the United States. The poll shows that a majority of US citizens believe that the global monetary system is unequal.
Eighty percent of those surveyed were dissatisfied with the current system, and a staggering 67 percent demanded immediate transformation.
Growing Dissatisfied With The Current Financial System
The results of the survey show that the public is not satisfied with the current state of the monetary system. This shows that citizens are becoming increasingly aware of the injustice of the system and the need for reform.
In contrast, American sentiment towards crypto assets is generally positive and enthusiastic. In the survey, about 52% of respondents said they were optimistic that digital currency and blockchain would lead to fairer financial practices.
Source: Morning Consult
According to survey data conducted by Morning Consult on behalf of Coinbase, up to 20% (52.3 million) of Americans supposedly have some form of cryptocurrency, while almost 30% (76 million) have expressed their desire to buy digital currency in the next 12. month.
According to the data presented in the research, 36% of members of Generation Z and 30% of Millennials are owners of crypto assets.
Growing Crypto Ownership Among Americans
The number of Americans holding cryptocurrencies has barely changed since early 2022, when it hit a record high. Ownership rates are higher among minorities and younger Americans, according to the survey.
In addition, 76% of 20% of owners believe that cryptocurrencies and blockchain technology represent the future. The majority of Gen Z adults (54%) and Millennials (55%) feel that blockchain is the future, regardless of whether or not they own digital currency.
Morning Consult wrote:
“The way Americans see the reliability of exchanges generally informs cryptocurrency ownership aspirations: if Americans feel the exchange is safe, they are more likely to invest in crypto in the future.”
Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com
Researchers have shown that in countries where many citizens do not have access to banking services, digital assets have gained significant popularity. Gemini revealed in 2022 that Brazil and Indonesia lead the way in cryptocurrency adoption.
The financial inclusion index in both countries stands at 85%, meaning that tens of millions of individuals in both countries do not have access to adequate financial services.
As the value of digital assets continues to rise, more people who previously did not have such access will be able to use them.
-Featured image from ValuePenguin