Over 50 Million Americans Still Hold Crypto Amid Market Rout: Coinbase Survey.
Most respondents found the traditional financial system unfair, touting crypto as the future.
The number of crypto holders in the United States has remained essentially unchanged in the past year despite the market rout that has erased about $2 trillion in market capitalization and seen several assets fall over 70% below their highs.
This is according to a recent Coinbase survey in partnership with Morning Consult. Using a sample size of over 2,200 persons, it found that about 20% of Americans, roughly 50 million people, hold crypto. As highlighted by the Coinbase blog post sharing the data, the figure has remained relatively unchanged since the peak in early 2022.
Coinbase disclosed that it commissioned this survey in February to understand how American adults and crypto holders perceive the financial system and the role of crypto. Per the results, 80% of respondents perceived the financial system as unfairly favoring powerful interests, with 67% calling for significant changes or a complete overhaul.
The survey notes that 54% of Gen Z adults and 55% of Millenials tap cryptocurrency as the future. Unsurprisingly, this percentage is higher among crypto holders at 76%.
In addition, the findings reveal that crypto support cuts across party lines, with 18% and 22% of Republicans and Democrats owning crypto, respectively.
Based on these results, Coinbase asserts that policymakers are behind on crypto’s role in bettering the financial system. Consequently, it expressed hope that the findings will inform regulators and lawmakers of the sentiments of the average voter toward crypto.
The crypto exchange says it will launch a public education campaign later this week to educate Americans about how crypto can help create an equitable and more efficient financial system. It would show that the system needs updating and that crypto provides utility for Americans and the global population.
The latest effort from the crypto exchange comes as the prevailing view of crypto in Washington appears to have turned sour following the FTX collapse, and regulators appear set on an industry-wide crackdown. It is likely an effort to make policymakers rethink their approach to the nascent market. Recall that Coinbase chief Brian Armstrong continues to champion the narrative that other regions are leaving the U.S. behind in innovation.