New findings from Coinbase reveal that only a meager 7% of U.S. citizens express satisfaction with the current state of the American financial system. This research underscores the prevailing sentiment that achieving the American Dream is increasingly elusive in today’s economic landscape.
Coinbase, in collaboration with Bovitz and Morning Consult, conducted an extensive survey as part of its Q3 State of Crypto report, canvassing thousands of Americans on their experiences with traditional finance.
The survey revealed widespread dissatisfaction with the existing financial system, with fewer than 10% of respondents indicating that it “works very well for people like them.” While respondents spanned all generations, Millennials stood out as particularly discontented, labeling the system as “outdated” (29%), while Gen Z predominantly found it “confusing” (28%) and “inadequate.”
A notable revelation from the survey was that nearly 40% of young respondents believed that cryptocurrencies and blockchain technologies have the potential to create more economic opportunities and generate future employment.
“These generations will constitute a more significant portion of the nation’s consumers and electorate in the near future, and their determination to utilize cryptocurrency as a tool to modernize the financial system and promote increased opportunity and prosperity is poised to drive the adoption of cryptocurrency within politics and society,” stated the report.
Coinbase also emphasized the shifting demographics and their impact on the political landscape, noting that, by 2028, Gen Z and Millennials will make up the majority of voting-age Americans. More than half of the respondents expressed an inclination to support crypto-friendly candidates in the 2024 presidential election.
While Coinbase has articulated a desire for the U.S. to embrace a more crypto-friendly market and foster a conducive environment for technology experts to establish the country as a “crypto hub,” the report indicates that the regulatory approach in the U.S. thus far has led to a “disappointing trend for crypto development in the U.S.” This stands in contrast to the increasingly favorable stance of international markets, which are attracting tech innovators.
The Coinbase survey reflects a growing disconnect between the American populace, especially younger generations, and the traditional financial system, with increasing interest and optimism centered around the potential of cryptocurrencies and blockchain to reshape the economic landscape.
