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The cryptocurrency debate is heating up the American election campaign!
2.03pm ▪ 4 minute read ▪ by Fenelon L.
As the US election approaches, a survey conducted by Digital Currency Group and Harris Group reveals deep dissatisfaction among voters in swing states with the current financial system. Even though 70% consider them “obsolete” and call for a review, cryptocurrencies do not unanimously emerge as an alternative.
A financial system that does not benefit everyone
While cryptocurrencies are increasingly entering the market political debates in the United States, a recent poll highlights voters’ deep dissatisfaction with the current financial system. The results of the survey, conducted among 1,201 voters from six key states, are conclusive: 80% believe that the current system benefits the elites at the expense of the average citizen.
This mistrust is part of a tense economic context, characterized by growing inequalities and the questioning of consolidated models. “Americans believe that the financial system no longer meets their needs and seeks primarily to serve the interests of the richest” analyses John Smith, economist at the Peterson Institute. The numbers speak for themselves: as many as 74% of those interviewed hope for a major overhaul of the system.
This thirst for change, however, faces a complex reality. Although cryptocurrencies appear to some as an attractive alternative, they continue to arouse distrust among the majority of voters. Only a third of those interviewed see them as a credible solution to current dysfunctions, while almost 75% do not find them fairer than the traditional system.
Cryptocurrencies, a path to prosperity?
Despite a palpable desire for change, cryptocurrencies are struggling to convince the majority of voters. Only a third of them see cryptocurrencies as a credible solution to the problem current failures of the financial system. While 41% see them as a new path to financial security and prosperity, nearly 75% find them no more fair than the traditional system.
This prevalent skepticism contrasts with the enthusiasm of cryptocurrency holders, 76% of whom are satisfied with the positive impact on their financial situation. Demonstrating their confidence in these digital assets, more than 90% of them plan to maintain or increase their holdings over the next six months. An enthusiasm not shared by lay people, given that only 7% think of investing in the short term.
For Laura Jones, analyst at Chainalysis, this gap can be explained by the population’s still limited understanding of cryptocurrencies: “Cryptocurrencies remain an abstract concept for many, who struggle to grasp their concrete advantages.” The repeated scandals and high volatility that shake the ecosystem fail to dispel environmental mistrust, fueling doubts about their reliability and longevity.
Although the obsolescence of the financial system is widely shared, cryptocurrencies are not yet touted as a silver bullet. To establish themselves as a credible and viable alternative, they must gain maturity and accessibility, while dealing with a regulatory framework that is becoming increasingly stringent.
An important challenge that will certainly fuel the debate in view of the next elections, as issues related to decentralized finance enter public discourse. Time will tell whether cryptocurrencies will succeed in conquering the hearts and minds of American voters, or whether they will remain the prerogative of a minority of convinced insiders.
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Fenelon L.
Passionate about Bitcoin, I want to explore the meanings of blockchain and cryptocurrencies and participate in my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.