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Coinbase Study: Young Americans See Crypto as Key to Economic Opportunity and Political Influence
A recent study by Coinbase has revealed a significant shift in sentiment among younger Americans regarding the cryptocurrency industry. An impressive 38% of younger Americans now believe that crypto and blockchain technology can provide substantial economic opportunities that are rarely found in the traditional finance sector.
This figure stands in stark contrast to older generations, where approximately 26% share the same belief in the potential of blockchain technology.
Younger Generations’ Attraction to Digital Assets
The gravitation towards cryptocurrencies is driven by more than just disillusionment with the traditional financial system. There is a proactive push from young people to seek out new economic opportunities that align with their lifestyles and financial needs.
According to the study, younger generations are highly frustrated with the current financial system. Coinbase’s report indicates that only 9% of Gen Z (ages 18-25) and 19% of Millennials (ages 26-40) still believe in the attainability of the American Dream through conventional means.
Only 7% of these demographics believe the current financial system serves their needs well. Over 52% of respondents reported infrequent use of the system, with fewer than 20% considering the U.S. financial system superior to those in other countries.
Moreover, about 31% of younger individuals own cryptocurrency, compared to just 12% of older generations. Additionally, 16% of younger people note that the international availability of digital assets is a compelling attribute of crypto.
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The report also highlights that since most Millennials and Gen Z adults have grown up using internet-based applications, they expect financial institutions to adapt to modern technology.
Due to these expectations, many younger generations describe the current system as political, expensive, outdated, and lacking in innovation or speed. About 30% of Millennials and Gen Zs aged 18-40 think the system is costly, while about 19% consider it confusing.
Younger Generations to Impact Future Elections
When asked about the upcoming elections, 51% of younger respondents indicated a possibility of supporting crypto-friendly candidates in the 2024 elections.
Millennials and Gen Z adults currently represent 40% of the voting population. Furthermore, by 2028, these groups are likely to represent the majority of American voters.
About 39% of the younger generation believes that “politicians and policymakers should support technologies like cryptocurrency and blockchain to help future generations,” compared to 28% of older Americans.
This report is part of Coinbase’s ongoing research into crypto. A previous report noted that over 50% of Fortune 100 companies are exploring blockchain technology to stay competitive. In another Coinbase poll, it was found that about 55% of voters would prefer a candidate who backs web3.
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