As of February 23, about 20% of Americans representing at least 50 million citizens own various cryptocurrencies , according to research published by cryptocurrency exchange Coinbase on Feb.
The study also shows that crypto ownership among US citizens remains consistent, despite the 2022 bear market that saw assets like Bitcoin (BTC) drop by more than 60%. A bear market is a term that describes a market situation in which stocks are continuously falling in price.
Interestingly, the majority of crypto holders, at 76%, believe that the digital asset and underlying technology behind it is the future of money. According to Coinbase, “the survey indicates that most Americans remain optimistic about the future of cryptocurrency and understand its potential as part of the solution to bring meaningful change to the financial system.” and this will also create benefits for society as a whole."
Many Americans Still Upbeat About Cryptocurrencies
Need to reform the financial system
According to responses from more than 2,000 individuals who took part in the survey, 67% of respondents think the current financial system needs an overhaul. It is known that there are plans to roll out education across the US on the use of cryptocurrencies to make the financial system fairer. In this vein, Coinbase also announced it will launch campaigns using the technology to update the financial system and specific use cases of cryptocurrencies.
It is worth noting that the US is still struggling to build industry regulation, while more and more Americans are venturing into crypto. Several laws have been put before various legislatures to suggest the next path for the field.
The issue of cryptocurrencies also caught the attention of the White House. However, at the moment, the industry regulator, the US Securities Exchange Commission (SEC), is "squeezing" participants, especially in the issuance of securities .
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