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Crypto Is No Longer a Gamble for Most Americans: Survey

2 mins
Updated by Kyle Baird
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In Brief

  • Survey data reveals a shift from speculative to optimistic mindset among American cryptocurrency owners.
  • The majority of Americans and crypto holders are dissatisfied with traditional banks, seeking lower transaction costs.
  • There is increasing belief among crypto holders in its potential to offer an alternative to traditional banking services.
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Coinbase has released survey findings regarding American cryptocurrency ownership, indicating a noticeable shift in mindset among participants. The data suggests a transition from a mere speculative approach of “gotta be in it to win it” to a broader and more optimistic perspective on adoption.

The report highlights that a majority of American cryptocurrency holders express discontent with the existing financial system.

Americans Embrace Crypto Adoption Over Speculation

According to a recent report, almost three-quarters of Americans and the majority of crypto holders within the nation are not satisfied with the current fees that traditional banks charge for transactions.

“71% of Americans – and 9 in 10 Americans crypto owners – want lower fees as part of a new, updated financial system.”

However, most cryptocurrency holders believe that crypto could serve as an alternative to the high transaction fees and sluggish processing times offered by traditional banks.

Read more: Who Is Brian Armstrong? A Deep Dive Into the Coinbase Founder

This suggests a positive shift in attitudes towards crypto investment, with fewer considering it merely a speculative gamble and more recognizing its potential for widespread adoption.

“76% of American crypto owners – those who know best – think crypto could make the financial system easier to access.”

Coinbase "State of Crypto" Report Extract. Source: Coinbase
Coinbase “State of Crypto” Report Extract. Source: Coinbase

However, in November 2023, crypto analyst Jamie Coutts highlighted that blockchain technology will see adoption irrespective of the crypto market’s positivity or negativity.

“Bear market/bull market adoption of blockchain technology continues unabated. Not having exposure to one of the largest structural trends of the next decade could be costly.”

Global Anticipation Builds for Crypto Adoption

It is not just Americans that are believing in the adoption of crypto and blockchain. More and more countries in Europe are starting to see the benefits that it could bring to the financial system.

Meanwhile, on January 29, crypto exchange Binance conducted interviews with participants from four European countries: France, Italy, Spain, and Sweden.

Read more: Gemini vs. Coinbase: Everything You Need To Know

According to the results, most remain positive about the crypto industry.

“A recent Binance survey reveals that a whopping 73% of European residents are optimistic about the future of cryptocurrencies!”

However, the global count of crypto holders is quickly increasing, confirming analyst and survey findings and assertions of a shifting mindset.

On January 22, BeInCrypto reported that the global number of crypto holders has soared by 34% in 2023. Furthermore, it reached a staggering 580 million by December, up from 432 million in January.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.