In a recent study conducted by Coinbase, a shift in attitude has emerged among young Americans. 38% of young Americans now believe that cryptocurrency and blockchain technology can offer significant economic opportunities not commonly found in traditional finance.
Interestingly, this perspective stands in stark contrast to older generations, with only 26% of them sharing the same faith in blockchain technology’s potential.
The attraction to cryptocurrencies isn’t merely rooted in a desire to challenge the traditional financial system; it’s actively driven by young people seeking new economic opportunities that align with their lifestyles and financial needs.
According to the research, the younger generation is profoundly disillusioned with the current financial system. The Coinbase report reveals that only 9% of Gen Z (ages 18-25) and 19% of Millennials (ages 26-40) still believe in achieving the American Dream through conventional means.
Only 7% of these groups think that the current financial system serves their needs well. Over 52% of respondents in the study admitted that they do not frequently use the existing financial system, with fewer than 20% considering the US financial system superior to that of other countries.
Furthermore, about 31% of young people own cryptocurrencies compared to 12% of older generations. 16% of the younger generation recognizes the international availability of cryptocurrencies as an attractive feature.
What’s interesting is that the report also highlights that because most Millennials and Gen Z individuals grew up alongside internet-based applications, they expect financial organizations to adapt to modern technology.
Due to these expectations, most young people view the current financial system as political, costly, outdated, and lacking innovation and speed. Around 30% of Millennials and Gen Z in the 18-40 age group find the system very costly, while about 19% consider it hard to understand.
Questions about the upcoming elections were posed to the respondents, and according to Coinbase, 51% of young people are likely to support candidates who are crypto-friendly in the upcoming 2024 elections.
The Millennial and Gen Z populations together represent 40% of the voting population. Furthermore, by 2028, Millennials and Gen Z may constitute the majority of US voters.
About 39% of young people believe that “politicians and policymakers should support technologies like cryptocurrencies and blockchain to help future generations, compared to 28% of older Americans.”
This report is part of Coinbase’s ongoing research on cryptocurrency. A previous report mentioned that over 50% of Fortune 100 companies are considering blockchain technology to stay competitive. In another Coinbase survey, results indicated that about 55% of voters prefer a candidate who supports web3.