Most Americans want to see changes to their monetary system, according to a study conducted for Coinbase.
A study conducted by Morning Consult on behalf of Coinbase examines perceptions of the global financial system and how US adults and cryptocurrency investors see the future of the cryptocurrency market. It found that Americans believe that the current financial system needs to be updated, and there is optimism about owning bitcoin as we move forward into the future.
The survey found that “80% of Americans say the global financial system is unfair to powerful interests.” Additionally, 67% say the financial system needs major overhaul. Interestingly, younger Americans are more likely to choose cryptocurrency and see it as a valuable asset for the future.
With the various challenges faced over the last several decades, including the 2008 financial crisis, the COVID-19 lockdown and the subsequent economic downturn, it is no surprise that “Among US adults, the highest word association with the global financial system is ‘expensive’ ( 34). %), ‘unfair’ (30%), and ‘confusing’ (30%).
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20% of Americans own cryptocurrency, “which has remained consistent every quarter since January 2022,” the survey stated. Despite the decline in the broader cryptocurrency market as a result of various bankruptcies and failures in 2022, Americans continue to express interest in owning digital assets. Another interesting note is that current investors who already hold digital assets still have a positive outlook, with 84% likely to buy cryptocurrency in the next 12 months.
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Many Bitcoiners have demonstrated various ways in which the fiat monetary system exhibits the attributes that these respondents have applied. The survey is further evidence that changes in the monetary system are not only needed, but embraced by those who have lived in the fiat system all their lives.