a month ago 1 min read

Despite the Market Slump, 20% of Americans Still Possess Cryptocurrency


20% of Americans surveyed by Coinbase own cryptocurrency, despite the fall. One in five Americans, base to the most recent Coinbase survey, are crypto holders. Holders tend to be young people and people of color. About 2,000 Americans were surveyed by Coinbase to find out their opinions on the current global financial system and their attitudes toward digital assets. In 2022, despite the multiple horrible events that occurred on that day, 20% of those surveyed admit to still having bitcoin or other cryptocurrencies.

The insolvency of Three Arrows Capital (3AC) and Celsius Network, the demise of FTX, the demise of Terra/Luna, and numerous other disasters occurred in the past year. 76% of investors believe that blockchain technology will be important in the future. The survey found that younger generations including Gen Z and Millennials as well as people of color have more positive reactions. Democrats in Congress are slightly more likely than Republicans to own cryptocurrencies. Based on Coinbase, 67% of Americans think the necessary adjustments should be implemented soon and 80% of Americans believe the current international monetary system is unfair.

"On a global scale, cryptocurrencies allow for quicker, less expensive cross-border payments, and digitally stable currencies let citizens in developing nations who have no access to banking services start small businesses."

Previous studies have shown that countries without access to conventional financial institutions have higher cryptocurrency adoption rates. Brazil and Indonesia are the world leaders in the adoption of bitcoin, base to Gemini's statement from the previous year. A joint study conducted last summer by Bitget, Foresight Ventures, and Boston Consulting Group (BCG) suggested that within the next ten years, there may be 1 billion crypto users. Base to the report, North Americans are more likely than Africans to invest a significant amount of money in cryptocurrencies.

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