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Most Americans consider the financial system obsolete
Last Updated: May 8, 2024 3:35am EDT | 2 minute read
A recent survey conducted by the Digital Currency Group and the Harris Group found that a majority of Americans in swing states consider the financial system “outdated.”
However, despite this sentiment, they remain skeptical about cryptocurrency as a solution.
THE the study involved 1,201 participants from six swing states, which are states where either the Democratic or Republican party could reasonably win the election.
70% of respondents agree that the financial system is obsolete
The survey, conducted between April 4 and 16, 2024, found that 70% of respondents agree that the current financial system is obsolete, while 74% say it needs an overhaul.
However, only about a third of participants believe that cryptocurrency can solve this problem.
Furthermore, nearly 75% of respondents do not believe that cryptocurrencies are fairer than the existing system, despite 80% believing that the current financial system favors elites over ordinary individuals.
When it came to the future of cryptocurrency, opinions varied.
Only 41% of undecided voters agree that cryptocurrencies represent a new path to financial security and prosperity, while 35% believe they are the future of transactions.
Interestingly, there was a significant difference in responses between those who own or have owned cryptocurrency and those who have never used it.
Over 90% of current cryptocurrency owners have expressed their intention to purchase more coins or hold their portfolios in the next six months, while only 7% of non-cryptocurrency owners plan to invest in this asset class.
The investigation also shed light on the impact of cryptocurrency on financial well-being.
Approximately 76% of voters who hold or have held cryptocurrencies said it had a positive influence on their financial situation.
In addition to these findings, the survey examined the level of trust undecided voters have in political candidates regarding cryptocurrency developments.
It turns out that candidates who interfere with cryptocurrency without a proper understanding of the technology do not enjoy the trust of these voters.
Digital resources in presidential campaigns
In particular, 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 even promised it prevent the introduction of a digital dollar should he be re-elected.
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 made during a Demonstration in New Hampshire last monthwhere he promised to “never allow the creation of a digital currency by the central bank.”
The former president credited former Republican rival, Vivek Ramaswamy, for informing him of the dangers of CBDC.
As reported, approx 73% of American voters believe this that US presidential candidates should have an informed perspective on innovative technologies such as artificial intelligence (AI) and cryptocurrency.
Likewise, a recent report from Coinbase stated this California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.