Market News

Over 50 Million Americans Turn to Crypto Amid Frustrations with Biased Financial System

Despite this gloomy situation, a new survey by Coinbase reveals

The cryptocurrency market suffered significant losses in the past year, resulting in the collapse of major players such as Terra/Luna, Three Arrows Capital, Celsius Network, and FTX exchange. This led to widespread uncertainty and doubt about the industry’s future among investors.

Despite this gloomy situation, a new survey by Coinbase reveals that Americans are dissatisfied with the existing global monetary system, with 80% of respondents finding it unfair and 67% demanding immediate reform. This dissatisfaction indicates a growing awareness of the system’s injustices and the need for change.

In contrast, sentiment towards cryptocurrencies and blockchain technology is generally positive and enthusiastic. Around 52% of respondents believe that digital currencies and blockchain will lead to more equitable financial practices.

According to Morning Consult research conducted on behalf of Coinbase, approximately 20% (52.3 million) of Americans hold some form of cryptocurrency, with nearly 30% (76 million) expressing a desire to buy digital currencies within the next year.

Ownership rates are higher among minorities and younger Americans, with 36% of Generation Z and 30% of Millennials owning crypto assets.

Additionally, 76% of cryptocurrency owners believe that digital assets and blockchain technology represent the future, while a majority of Gen Z adults and Millennials view blockchain as the future, regardless of their ownership of digital currencies.

The survey also shows that Americans’ confidence in the security of exchanges largely determines their interest in cryptocurrency ownership. Therefore, secure exchanges are critical in fostering trust among Americans and driving cryptocurrency adoption.

Interestingly, in countries with limited access to banking services, digital assets are gaining popularity. Brazil and Indonesia, with financial inclusion indexes of around 85%, have seen significant growth in cryptocurrency adoption, enabling millions to access adequate financial services.


Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.