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Americans Confidence in Cryptocurrencies Has Not Changed Despite the Recent Turbulent Period

americans confidence in cryptocurrencies has not changed despite the recent turbulent period

A survey conducted by Coinbase in February comprising over 2000 adults revealed a shocking statistic – 80% of Americans feel that the current financial system unfairly benefits those who wield more power. Furthermore, 67% have called for major changes or a complete overhaul, while 20% are currently invested in cryptocurrencies. This indicates citizens’ appetite to seek alternatives to traditional finance and suggests they may be ready for new opportunities outside the banking sector.

Despite Turbulent Graphics, Americans Trust Cryptocurrency

Morning Consult, a business intelligence firm, conducted a survey to evaluate the outlook of the global financial system held by US adults and crypto investors. Astonishingly, 20% of respondents still own cryptocurrencies despite FUD in recent news stories; even more intriguing is that approximately one-third plan on engaging with cryptocurrencies within the upcoming year!

According to Morning Consult, retail investor confidence in cryptocurrency has been stable over the past year; figures have stayed between 17% and 20%, implying that recent market instability may not have affected American investors’ trust in crypto.

americans confidence in cryptocurrencies has not changed despite the recent turbulent period

Morning Consult declared, “There’s a sense of hope for cryptocurrency’s future. Overall, in the US, people are frustrated by the inequality in our banking system and want to see some reform,” continuing, “Crypto financiers and younger generations still think that crypto can lead to positive transformation.”

Moreover, trust from Gen Z (born 1997-2013) and Millennials (born 1981-1996) is still very much alive: 36% & 30%, respectively, have invested in cryptos.

Confidence of Minority Groups in Cryptocurrencies Is Higher

It was discovered that minority groups have a more promising outlook toward cryptocurrencies than others. According to the findings, Black and Hispanic adults are far more likely to be optimistic about cryptocurrency than White adults – they were also much more hopeful in believing that “Cryptocurrency and blockchain are the future” of finance. Additionally, current investors in cryptocurrencies remain highly optimistic, too; 65% firmly agreed with the notion that crypto’s greatest days still lie ahead, whereas 76% remained confident that it will become the currency of choice for generations down the line.

Many market analysts have argued that a new bull run will begin when China reverses its stance on cryptocurrency. The survey results, however, suggest that more American traders would enter the crypto space if exchanges were considered secure and reliable. Of the general population surveyed, 67% indicated trusted security was essential to them, whereas this sentiment rose significantly among existing investors, where 91% declared it critical for their involvement in the market.

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