Most Americans Perceive Financial System as ‘Obsolete,’ Yet Express Doubts About Cryptocurrency as a Remedy

A recent study carried out by the Digital Currency Group and The Harris Group has indicated that a significant number of Americans in swing states perceive the financial system as “outdated.”

Nevertheless, in spite of this perspective, they express doubts regarding cryptocurrency as a viable solution.

The research included 1,201 participants from six swing states, which are states where either the Democratic or Republican party has a reasonable chance of winning in an election.

70% of Participants Believe Financial System is Outdated

The survey, conducted from April 4 to 16, 2024, revealed that 70% of respondents concurred that the existing financial system is outdated, with 74% asserting that it requires a significant overhaul.

However, only about one-third of the participants felt that cryptocurrency could resolve this problem.

Moreover, nearly 75% of respondents did not view crypto as being more equitable than the current system, even though 80% believed that the existing financial system favors the elite over ordinary individuals.

Regarding the future of cryptocurrency, opinions were mixed.

Only 41% of swing voters agreed that crypto signifies a new avenue toward financial security and prosperity, while 35% thought it represents the future of transactions.

Notably, there was a marked difference in responses between those who own or have owned cryptocurrency and those who have never interacted with it.

Over 90% of current crypto holders indicated their intention to either acquire more coins or maintain their holdings in the next six months, whereas only 7% of non-crypto owners intended to invest in this asset class.

The survey also highlighted the influence of cryptocurrency on financial well-being.

Approximately 76% of voters who currently hold or have held crypto reported that it had a beneficial effect on their financial circumstances.

In addition to these insights, the survey explored the level of trust swing voters have in political candidates regarding cryptocurrency matters.

It found that candidates who engage with cryptocurrency without a proper understanding of the technology are not trusted by these voters.

Digital Assets in Presidential Campaigns

Importantly, digital assets have already surfaced as a campaign topic for Republican presidential candidates.

Florida Governor Ron DeSantis, who subsequently withdrew from the race, voiced his opposition to central bank digital currencies in the United States.

Former President Donald Trump has even pledged to prevent the establishment of a digital dollar if he is reelected.

In a recent interview, he described the idea of a central bank digital currency (CBDC) as a “very dangerous thing.”

Trump’s recent remarks reflect those he made during a rally in New Hampshire last month, where he vowed to “never allow the creation of a central bank digital currency.”

The ex-president acknowledged former Republican rival, Vivek Ramaswamy, for alerting him to the risks associated with CBDC.

As reported, around 73% of US voters believe that US presidential candidates should possess an informed understanding of emerging technologies such as artificial intelligence (AI) and cryptocurrency.

Similarly, a recent report from Coinbase indicated that California voters who own cryptocurrencies are anticipated to have a considerable influence on the 2024 elections.

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