A new survey conducted by crypto brokerage giant Coinbase (NASDAQ: COIN) in conjunction with polling firm Morning Consult indicated that the level of crypto ownership among American investors is steady with levels from a year earlier despite the crypto winter that set in last year.
The survey of more than 2,000 investors found 20% of Americans own crypto, which is mostly in line with the percentages seen in early 2022.
“20% of Americans–which would constitute over 50 million people–own crypto. Despite the tumultuous events of 2022, crypto ownership has remained largely unchanged since early 2022, which has been the historic high water mark for crypto ownership in America. Ownership is higher with people of color and younger Americans,” according to the poll.
Perhaps not surprisingly, investors in younger demographics are bullish on crypto and constructive on what the future holds for blockchain technologies.
“76% of those who own crypto agree that cryptocurrency and blockchain are the future. These numbers are even higher amongst people of color and younger Americans. Regardless of crypto ownership, the majority of Gen Z adults (54%) and Millennials (55%) agree that cryptocurrency and blockchain are the future,” noted Coinbase.
Notably, the Coinbase/Morning Consult poll indicated that about eight in 10 polled view the traditional financial system as unfair and favoring small, wealthy groups while two-thirds sid that the system needs to be overhauled in dramatic fashion.
On a somewhat related note, crypto ownership is a relatively bipartisan issue — a rare one at that — as the percentages of those polled that identify as Democrat or independent crypto owners and Republican crypto investors are comparable.
Some of the above data points agree with what long-term crypto enthusiasts have long believed: The asset class and broader blockchain technologies can democratize the financial system and assist customers that aren’t being adequately served or served at all by old guard banks.
“For example, previous studies have found that communities underserved by the banking system are more likely to have used a cryptocurrency, and this study confirms that communities of color are more likely to be engaged with and optimistic about crypto’s future. On a global level, crypto is offering faster, low-cost cross-border transfers, and digital stablecoins are helping underbanked people across the world to gain access to the US dollar and financial services to help launch a small business,” concluded the poll.
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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.