New research by Coinbase shows only a tiny percent of U.S. citizens still believe the American Dream is achievable in the current financial environment.
Less than 10% of Americans are happy with the nation’s financial system as younger generations become “more pressured financially and more disillusioned by the system,” Coinbase says.
In a new Q3 State of Crypto report co-created with Bovitz and Morning Consult, the U.S.-based crypto exchange surveyed thousands of Americans about their experiences dealing with traditional finance.
Most Americans are unsatisfied with the existing financial system, as only 7% of respondents said the system “works very well for people like them.”
While Coinbase surveyed all generations, it was Millennials who demonstrated their anger, calling the system “outdated” (29%). Meanwhile, Gen Z mostly called it “confusing” (28%) as well as “inadequate.”
At the same time, almost 40% of young respondents said crypto and blockchain can increase economic opportunities as they will create more jobs in the future.
“These generations will make up a greater share of the country’s consumers and electorate tomorrow than they do today, and their push to use crypto as a tool to update the financial system and create more opportunity and prosperity for themselves will drive adoption of crypto in politics and society.”Coinbase
Although Gen Z and Millennials do not rely on legacy institutions and avoid following conventional paths to make a living, they will be a majority of voting-age Americans by 2028, Coinbase notes.
The exchange has found that more than half of its respondents will likely vote for crypto-friendly candidates in the 2024 presidential election.
Coinbase said it wants to see the U.S. become a more crypto-friendly market as more tech experts turn to international markets, pushing strategies to become “crypto hubs.” However, a regulation made by enforcement approach in the U.S. is leading instead to a “disappointing trend for crypto development in the U.S.,” Coinbase concluded.