POLL: A Third of American Adults Plan to Buy, Sell, or Trade Crypto in the Next Year
Per a Morning Consult poll, 80% of American adults don’t like the inequality of the present financial system. They believe it favors individuals with “powerful interests.” 67% of respondents agree that the financial system must be changed substantially. Only 4% indicated that no changes are needed.
According to the poll, the words “expensive” (34%), “unfair” (30%), and “confusing” (30%) are the leading words generally associated with the global system. As people’s disenchantment with the financial system increases, interest in becoming more involved with the cryptocurrency sector and crypto ownership has maintained consistency. 20% of American adults currently hold at least one digital asset.
“Additionally, nearly a third of Americans plan to buy, sell, or trade cryptocurrency in the next year, indicating the demand for crypto remains strong,” the report noted. “Crypto owners in particular remain committed to crypto investments and have a very favorable view of the financial asset.”
What the poll found was that crypto activity isn’t only confined to a specific demographic but “cuts across socioeconomic groups.” Views of crypto’s future investment potential hold consistently across income demographics, and 29% said they had plans of buying or trading crypto in the upcoming 12 months. “This translates to an estimate of approximately 52.3 million American adults owning crypto, with 75.5 million adults expected to trade crypto at least once in the coming year.”
60% of individuals currently holding cryptos continue to view the asset in a positive light, with 84% signaling that they are likely to buy crypto in the next 12 months.
Younger Americans are more likely to view cryptocurrencies in a positive light. Members of Generation Z (America adults ages 18-25) enjoy the highest level of crypto ownership at around 36% which were then followed by Millennials at 30%. In addition, the two groups were more likely to state that they have plans of buying cryptos.
54% of Gen Z adults and 55% of Millennials agree that cryptocurrency and blockchain are the future of money, and 27% of Gen Z adults and 21% of Millennials have flirted with the idea of creating an account on a cryptocurrency exchange in the last 12 years.
69% of crypto investors and younger segments of the population believe that cryptocurrencies are worthy investments. Plus, 63% believe that cryptos will broadly benefit society.
Clearly there is an organic level of support for cryptos among the American population. People have lost confidence in the fiat monetary system and they are looking for alternatives to this system.
Cryptos and commodities like gold will be chief among the alternatives people will seek in the present era of mass inflation. The current monetary order is unsustainable and will lead to mass impoverishment of the American populace if there are no fundamental changes made to the monetary system.