A study conducted by Morning Consult on behalf of Coinbase examined the perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the cryptocurrency market. It found that Americans believe the current financial system needs to be updated, and there is optimism about owning bitcoin as we head into the future.
The survey found that “80% of Americans say the global financial system unfairly favors powerful interests.” In addition, 67% said that the financial system needs a major overhaul. Interestingly, younger Americans are most likely to favor cryptocurrency and view it as a worthwhile asset for the future.
With the various challenges presented over the last couple of decades, including the 2008 financial crisis, the COVID-19 lockdowns and subsequent economic fallout, unsurprisingly, “Among U.S. adults, the top word associations with the global financial system are ‘expensive’ (34%), ‘unfair’ (30%), and ‘confusing’ (30%).”
20% of Americans own cryptocurrency, “which has remained consistent each quarter since January 2022,” the survey states. Despite the downturn in the broader cryptocurrency market as a result of various bankruptcies and failures in 2022, Americans consistently express interest in owning digital assets. Another interesting note is that current investors who already hold digital assets still hold a favorable view, with 84% likely to buy cryptocurrency over the next 12 months.
Many Bitcoiners 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 evidence that changes to the monetary system are not only needed, but embraced by people who have been living under a fiat system their entire lives.