Majority of Americans See Financial System as ‘Outdated,’ But Remain Skeptical of Crypto as Solution

A recent survey conducted by the Digital Currency Group and The Harris Group has revealed that a majority of Americans in swing states view the financial system as “outdated.” However, despite this sentiment, they remain skeptical about cryptocurrency as a solution. The study involved 1,201 participants from six swing states, which are states where either the Democratic or Republican party could reasonably win in an election.

70% of Respondents Agree that Financial System is Outdated

The survey, conducted between April 4 and 16, 2024, found that 70% of the respondents agreed that the current financial system is outdated, with 74% stating that it is in need of an overhaul. However, only around a third of the participants believed that cryptocurrency could address this issue. Furthermore, nearly 75% of the respondents did not consider crypto to be more equitable than the existing system, despite 80% believing that the current financial system favors the elites over regular individuals.When it came to the future of cryptocurrency, opinions varied. Only 41% of swing voters agreed that crypto represents a new path towards financial security and prosperity, while 35% believed that it is the future of transacting. Interestingly, there was a significant difference in responses between those who own or have owned cryptocurrency and those who have never engaged with it. Over 90% of current crypto owners expressed their intention to either buy more coins or maintain their portfolios in the next six months, whereas only 7% of non-crypto owners planned to invest in the asset class.The survey also shed light on the impact of cryptocurrency on financial well-being. Approximately 76% of voters who hold or have held crypto stated that it had a positive influence on their financial situation.In addition to these findings, the survey examined the level of trust swing voters have in political candidates concerning cryptocurrency developments. It revealed that candidates who interfere with cryptocurrency without a proper understanding of the technology are not trusted by these voters.

Digital Assets in Presidential Campaigns

Notably, digital assets have already emerged as a campaign issue for Republican Party presidential candidates.Florida Governor Ron DeSantis, who later withdrew from the race, expressed opposition to central bank digital currencies in the United States.Former President Donald Trump has even vowed to prevent the introduction of a digital dollar should he be reelected.During a recent interview, he called the prospect of a central bank digital currency (CBDC) a “very dangerous thing.”Trump’s latest comments echo those he made during a New Hampshire rally last month, where he promised to “never allow the creation of a central bank digital currency.”The ex-president gave credit to former Republican rival, Vivek Ramaswamy, for informing him of the dangers of CBDC.As reported, approximately 73% of US voters believe that US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency. Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.