Nearly 90% of Americans believe that the time has come to update the financial system, but progress is being hindered by the resistance of those in power who cling to outdated systems that limit economic freedom and opportunities for ordinary Americans. This was revealed in a recent update shared by Coinbase, a leading cryptocurrency exchange (NASDAQ: COIN).
In response to this sentiment, Coinbase is launching an initiative to mobilize the 52 million crypto owners in the United States – a group that is younger and more diverse than the general population – into a powerful force leading up to the 2024 elections, with a particular focus on nine key states.
Earlier this year, Coinbase conducted research to understand Americans’ attitudes towards the financial system. The findings indicated that there is a widespread desire for change. Almost 90% (87%) of Americans believe that the financial system needs to be changed, and half (51%) believe that it does not work fairly for everyone.
Many Americans perceive the current system as favoring anyone except people like themselves, with only 14% expressing optimism about its future. The research further highlighted that crypto owners, in particular, feel that the system unfairly benefits powerful interests. This sentiment is evident in bellwether states such as Nevada, Ohio, and Pennsylvania, where over 40% of digital asset owners use cryptocurrencies to send money abroad and help their families with expenses such as food, housing, and healthcare at a lower cost compared to traditional banking or wire services.
Among younger Americans aged 18-34, there is a strong belief that cryptocurrencies provide individuals with direct control over their money, with 72% agreeing that digital assets are the future of finance.
Currently, one in five American adults owns cryptocurrency, making it a group of 52 million individuals. To effectively update the financial system and move away from the status quo, clear and sensible legislation and regulation for cryptocurrencies are needed. The current “enforcement only” approach poses risks to jobs, innovation, and America’s global leadership.
To raise awareness and make their voices heard, Coinbase will employ paid media and real-life events in Washington, D.C. On September 27, Stand with Crypto Day will take place, where innovators, entrepreneurs, and developers from across the country will come to D.C. to advocate for cryptocurrencies alongside Members of Congress and government officials.
Stand with Crypto aims to mobilize one million people, but the ultimate goal is to mobilize even 10% of America’s 52 million crypto owners as single-issue advocates. This would be a game-changer in challenging the status quo and advocating for policies that update the financial system to make it fairer, more inclusive, and more decentralized.
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