• Fri. Mar 1st, 2024

People Are Unhappy With Inequality In Financial System, Trust In Crypto Is Rising

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Mar 1, 2023

A recently carried out survey has shared alarming details about the preference of people involving traditional financial systems and cryptocurrencies.

The survey has shown that most of the adults living in the United States are concerned about the traditional financial system.

The details show that 80% of the total adults in the United States are against the traditional financial system.

They do not trust the financial system claiming that it is against the commoners and strongly favors the interests of the powerful people.

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The same survey has revealed that 20% of the total US adults have invested in and own cryptocurrencies.

Coinbase Conducted the Survey

According to the details, it is the Coinbase cryptocurrency exchange that has recently carried out the particular survey.

It reportedly carried out the survey among more than 2,000 adults in the United States. They have established from the survey that 80% of the total respondents have high concerns about the traditional financial system.

They do not support the particular system at all and consider it to be unfair. The survey shows that financial institutions have been favoring the rich and the wealthy since the beginning.

They are being unfair to the common people while providing more power to the wealthy. There are many who have demanded that changes and amendments must be made to the way the financial systems have been working.

They have to completely overhaul the financial system and introduce major changes to make things right. The survey has shown that 67% of the total respondents have these views about the financial system.

Information Gathered by Morning Consult

Coinbase did not conduct the survey on its own. Instead, it acquired the support of Morning Consult, a business intelligence firm to gain more information from the survey.

The firm worked side by side with Coinbase to establish and examine what the adults think about the financial system and how they perceive it.

The survey has also provided clarity on where the adults from the United States stand in terms of crypto adoption. Most importantly, it wanted to establish whether the adults in the US want to gain access to crypto and exchanges or not.

The survey also provides clarity to the exchanges and the crypto markets if they will be able to operate or not in the future.

20% of Adults in the US Hold Crypto

The survey has also revealed that 20% of the total adults who participated in the survey are in possession of cryptocurrencies.

It was in 2022 when fear, uncertainty, and doubt surged among investors involving cryptocurrencies. The cryptocurrencies kept on losing their market traction and with declining values, the uncertainty kept on rising about their future.

Despite the FUD, 20% of adults in the United States have continued holding onto cryptocurrencies. They are confident about the future of cryptocurrencies and they have put their faith in them.

A certain group of respondents has confirmed that they have not invested in cryptocurrencies for the last time. They have invested in cryptocurrencies no matter the market situation.

They have shared their intentions of investing in cryptocurrencies going forward as well. They even revealed that they will be investing in cryptocurrencies in the ongoing and upcoming years.

The percentage of Investors has Remained Persistent

Morning Consult has also confirmed that they have continued conducting these surveys on a monthly basis. However, the past 12 months have been quite significant for the cryptocurrency industry.

The surveys carried out in the past 12 months have shown that the crypto adoption/investment level among US adults has remained between 17% and 20%.

This means that although there is a fluctuation in the adoption level, it has remained within the range of 17% and 20%.

It is a strong indication that despite the market downtrend, investors in the United States have not lost their confidence in cryptocurrencies.

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