US citizens still own crypto despite bear market, survey shows

The vast majority of Americans want to see the financial system modernized. They believe that cryptos could be a potent part of the answer, according to a February 2023 nationwide survey of 2000+ general population respondents commissioned by Coinbase. 

Coinbase hired Morning Consult in February to poll more than 2000 American people. According to the survey, 80% of respondents think the existing financial system is unjust. Most respondents also expressed unhappiness with the current financial system and a desire for reform.

80% of Americans believe the global financial system unfairly favors wealthy interests. The banking system requires significant reform or a total overhaul, according to 67% of Americans.

According to the survey, most Americans are still upbeat about the future of cryptos and recognize their potential to bring real change to the financial system that would benefit society.

Almost 50 million Americans, or 20% of the population, are crypto owners. Despite the turbulent events of 2022, American crypto ownership mainly stayed the same since early 2022, when it reached its all-time high. People of color and younger Americans have more excellent ownership rates.

Republican (18%), democratic (22%), and independent (22%) crypto ownership is mainly stable, demonstrating how crypto is a rare nonpartisan topic. Prominent public figures have been asking for changes to establish a more equitable and open financial system while searching for workable ideas to enhance the system for regular Americans. 

Most financial systems were created more than 100 years before computers, and the internet was invented. People worldwide are paying a high price for inefficient technology with their time, money, and possibilities. Even though many in the current financial system are attempting to update it, there are still many problems, and they think crypto will play a big role in the solution.