A whopping 80% of American adults believe the financial system favors those with “powerful interests,” while 20% currently own cryptocurrency, a new survey has revealed.
Commissioned by crypto exchange Coinbase, the February online survey of more than 2,000 American adults found that 80% of respondents said the “global financial system unfairly favors powerful interests,” while 67% have called for “major changes” or a “complete overhaul” of the financial system.
The survey conducted by business intelligence firm Morning Consult was aimed at examining the perception of the global financial system and how United States adults and crypto investors viewed the future of the crypto market and exchanges.
It found that despite the recent FUD and bad news coming out of the crypto space, 20% of respondents said they still own crypto, and nearly a third plan to buy, sell or trade crypto in the next year.
Morning Consult noted that the numbers have remained consistent each quarter since January 2022, drifting between 17% and 20% over the last 12 months, meaning that recent market turmoil may not have shaken retail investor confidence in crypto in America.
"There is reason to be optimistic about crypto's future. Universally, Americans are frustrated by the inequality in the financial system and are hungry for change," wrote Morning Consult, adding:
“Crypto investors and younger cohorts of Americans still believe that crypto is a worthwhile investment in the future that can lead to societal benefits.”
Crypto enthusiasm among younger adults also remains high. The survey found that 36% of Gen Z (born between 1997 to 2013) and 30% of Millennials (born between 1981 and 1996) currently own crypto.
Minority groups were also found to be more likely to hold a favorable view of crypto and be optimistic about the future of the asset.
“Black and Hispanic adults are significantly more likely than white adults to have a favorable impression of cryptocurrency and are more optimistic that ‘Cryptocurrency and blockchain are the future’ than any other cohort.”
Current crypto investors also remain optimistic about the future, with 65% agreeing that the market's best days are still ahead, while 76% of crypto investors still believe crypto and blockchain are the future.
Related: New research indicates boomers make better crypto investors than millennials or zoomers
Some market commentators believe the next bull run will kick off when China adopts a more favorable view of crypto. However, the survey found that more Americans would be interested in entering the market if exchanges were more trusted and secure.
Among the general population, 67% flagged secure and reliable exchanges as important. In comparison, 91% of crypto investors said a trusted, secure platform is vital to the crypto market.
“How Americans view the reliability of exchanges largely informs their aspirations of cryptocurrency ownership: if Americans feel exchanges are secure, then they are more likely to invest in crypto in the future,” wrote Morning Consult.
Morning Consult conducted the survey between Feb. 10 and Feb. 14, questioning a national sample of 2,202 American adults as well as an oversample of 500 U.S. cryptocurrency investors.