A Paradigm Shift Among Young Americans: Embracing Crypto and Blockchain
A recent study conducted by Coinbase reveals a significant shift in the mindset of young Americans towards cryptocurrency and blockchain technology. Surprisingly, 38% of younger Americans now believe that crypto and blockchain can offer substantial economic opportunities that are not commonly found in traditional finance.
This viewpoint starkly contrasts with older generations, where only around 26% share the same belief in the potential of blockchain technology.
Youthful Attraction to Digital Assets
The attraction towards cryptocurrencies goes beyond disillusionment with the conventional system. Young people are actively seeking new economic opportunities that align with their lifestyles and financial needs.
According to Coinbase’s report, younger generations are highly frustrated with the current financial system. Only 9% of Gen Z (18-25) and 19% of Millennials (26-40) still believe in achieving the American Dream through traditional means.
Furthermore, only 7% of these demographics believe that the existing financial system adequately serves their needs. More than half of the respondents in the study reported infrequent use of the system, with less than 20% considering the U.S. financial system superior to those in other countries.
Interestingly, 31% of younger individuals own cryptocurrency compared to 12% of older generations. Additionally, 16% of young people find the international availability of digital assets appealing.
The report also highlights that millennials and Gen Z adults, who have grown up using internet-based applications, expect financial institutions to adapt to modern technology. As a result, they perceive the current system as political, expensive, outdated, and lacking innovation or efficiency. About 30% of millennials and Gen Zs aged 18-40 find it costly, while approximately 19% consider it confusing.
The Impact on Future Elections
When asked about the upcoming 2024 elections, 51% of younger respondents expressed a possibility of supporting crypto-friendly candidates, according to Coinbase. Millennials and Gen Zs adults represent around 40% of the voting population, and by 2028, they are expected to be the majority of American voters.
About 39% of the younger generation believes that politicians and policymakers should support technologies like cryptocurrency and blockchain to benefit future generations, in comparison to 28% of older Americans.
Coinbase’s Ongoing Research
This study is part of Coinbase’s continuous research on cryptocurrencies. A previous report revealed that over 50% of Fortune 100 companies are exploring blockchain technology to remain competitive. In another poll conducted by Coinbase, it was established that about 55% of voters prefer a candidate who supports web3.
Hot Take: Young Americans Embrace Crypto and Call for Political Support
A recent study by Coinbase demonstrates a paradigm shift among young Americans towards embracing cryptocurrencies and blockchain technology. With an impressive 38% believing in the significant economic opportunities provided by crypto, the younger generation stands in contrast to their older counterparts.
The study reveals frustration among young people with the current financial system, with only a small percentage believing in achieving the American Dream through traditional means. They perceive the system as political, expensive, outdated, and lacking innovation or efficiency. As future voters, they express a possibility of supporting crypto-friendly candidates in upcoming elections and call for political support for technologies like cryptocurrency and blockchain.
These findings highlight the increasing influence of young Americans in shaping the future of finance and politics. It also emphasizes the need for financial institutions and policymakers to adapt to modern technology and meet the evolving needs and expectations of younger generations.