Federal Reserve Poll Reveals Only 7% Used Cryptocurrency in 2023; Contradicts Coinbase Data

May 24, 2024 Bitcoin.com

US voters across 4 swing states oppose anti-crypto pres candidates: Coinbase

September 20, 2023 Coin Telegraph

campaign

A poll of voters in New Hampshire, Nevada, Ohio and Pennsylvania found 55% would be less likely to vote for anti-web3 presidential candidate, said Coinbase.

Crypto exchange Coinbase says it will focus its "Stand with Crypto" campaign on nine states in the U.S., including four “swing states” with voters polled as less likely to choose anti-crypto presidential candidates.

The four “swing states” include New Hampshire, Nevada, Ohio, and Pennsylvania, which are just some of the states the crypto exchange is set to focus its “Stand with Crypto” campaign, it said in a Sept. 19 blog.

“Polling in the fall of 2022 showed that in the key states of NH, NV, OH, and PA, over half (55%) of voters stated that they would be less likely to vote for candidates who oppose crypto and Web3,” said Coinbase, citing survey data collected in a Morning Consult poll a year prior.

52M Americans own crypto. They’re younger & more diverse than the US population in total. But their voices aren’t being heard by Congress.

That’s about to change.

Here’s what we’re doing—and what you can do to help mobilize 1M people to #StandWithCrypto: https://t.co/stmH0WVUhO
— Coinbase ️ (@coinbase) September 19, 2023

The October-published poll included 800 likely voters across the four states. Between 13-19% of respondents in the four states claimed to own cryptocurrency at the time of the polling.

*Percentage of voters in the four swing states that own cryptocurrencies or nonfungible tokens. Source: Morning Consult*

Coinbase also cited that in Nevada, Ohio and Pennsylvania in particular, more than 40% of crypto owners use blockchain to remit money overseas to help family members pay for food, housing and health care for far less than what banks typically charge with international wire transfers.

Coinbase attempts to mobilize crypto users

The highlighted research comes amid an ongoing “Stand With Crypto” campaign, a 14-month-long campaign launched by Coinbase in August, pushing for crypto legislation in the country.

Coinbase said the campaign will focus on the four “swing states” but will also include an intense focus on Arizona, California, Georgia, Illinois, and Wisconsin, which have an “over-index” when it comes to crypto owners, it said.

“While a growing number of elected officials in Congress are advocating for legislation to regulate crypto and drive progress in the financial system, others are simply choosing to protect the status quo.

Coinbase is also set to organize a “Stand with Crypto Day” will take place in Washington D.C. on Sept. 27 to advocate for better cryptocurrency innovation and policy.

The campaign is also encouraging crypto owners and supporters to take a moment to call their members of Congress and ask them to pass clear, sensible legislation.

“Today we kick off this effort by rallying the collective energy of the community, and taking the fight off X (formerly known as Twitter) and on to the phones."

“The campaign will encourage crypto owners and supporters to take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation,” it added.

Magazine: Binance, Coinbase head to court, and the SEC labels 67 crypto-securities: Hodler’s Digest, June 4-10

Americans ‘frustrated’ by financial system inequality, 20% own crypto: Survey

February 28, 2023 Coin Telegraph

Coin Telegraph

Crypto ownership among U.S. adults has remained steady over the last 12 months, with a large portion seemingly "frustrated" by the one-sided global financial system.

A whopping 80% of American adults believe the financial system favors those with “powerful interests,” while 20% currently own cryptocurrency — a new survey has revealed.

Commissioned by crypto exchange Coinbase, the February online survey of more than 2,000 American adults found that 80% of respondents said the “global financial system unfairly favors powerful interests,” while 67% have called for “major changes” or a “complete overhaul” of the financial system.

*A large portion of respondents are disillusioned with the Global Financial System and want change. Source: Morning Consult*

The survey was conducted by business intelligence firm Morning Consult and was aimed at examining the perception of the global financial system and how United States adults and crypto investors viewed the future of the crypto market and exchanges.

It found that despite the recent FUD and bad news coming out of the crypto space, 20% of respondents said they still own crypto, and nearly a third plan to buy, sell, or trade crypto in the next year.

Morning Consult noted that the numbers have remained consistent each quarter since January 2022, drifting between 17% and 20% over the last 12 months, meaning that recent market turmoil may not have shaken retail investor confidence in crypto in America.

"There is reason to be optimistic about crypto's future. Universally, Americans are frustrated by the inequality in the financial system and are hungry for change," wrote Morning Consult, adding:

"Crypto investors and younger cohorts of Americans still believe that crypto is a worthwhile investment in the future that can lead to societal benefits."

Crypto enthusiasm among younger adults also remains high. The survey found that 36% of Gen Z (born between 1997 to 2013) and 30% of Millennials (born between 1981 and 1996) currently own crypto.

*Younger generations remain optimistic about the future of crypto. Source: Morning Consult*

Minority groups were also found to be more likely to hold a favorable view of crypto and be optimistic about the future of the asset.

"Black and Hispanic adults are significantly more likely than white adults to have a favorable impression of cryptocurrency and are more optimistic that "Cryptocurrency and blockchain are the future" than any other cohort."

Current crypto investors also remain optimistic about the future, with 65% agreeing that the market's best days are still ahead, while 76% of crypto investors still believe crypto and blockchain are the future.

Some market commentators believe the next bull run will kick off when China adopts a more favorable view of crypto. However, the survey found that more Americans would be interested in entering the market if exchanges were more trusted and secure.

Among the general population, 67% flagged secure and reliable exchanges as important. In comparison, 91% of crypto investors said a trusted, secure platform is vital to the crypto market.

*Many respondents flagged secure, and reliable crypto exchanges as important. Source: Morning Consult*

"How Americans view the reliability of exchanges largely informs their aspirations of cryptocurrency ownership: if Americans feel exchanges are secure, then they are more likely to invest in crypto in the future," wrote Morning Consult.

Morning Consult conducted the survey between Feb. 10 and Feb. 14, with a national sample of 2,202 American adults, and included an oversample of 500 U.S. cryptocurrency investors.

What bear market? Consumer confidence higher among crypto owners than normies

July 8, 2022 Coin Telegraph

Coin Telegraph

The research firm said that the discrepancy is partially explained by the fact that the average crypto owner is “more likely to be wealthier, younger and male” than the average U.S. adult.

Consumer confidence is considerably higher among crypto owners than the average American adult, with crypto owners sitting 16.4 points higher on the consumer sentiment index.

A July 7 report from research firm Morning Consult shows that although average United States (U.S.) adult consumer sentiment has dropped 13.5% since mid-January, confidence amongst crypto owners has held up relatively better, falling only 8.1% over the same period.

The research firm said that the discrepancy is partially explained by the fact that the average crypto owner is “more likely to be wealthier, younger and male” than the average U.S. adult.

“In recent months, age has been one of the biggest drivers of differences in consumer confidence, as fixed incomes, health risks and memories of past episodes of high inflation in the United States lead older Americans to be more pessimistic,” it said.

The report states that Millennial men who earn at least $100,000 per year are the most likely people to own crypto, though Gen Z adults also show fairly high levels of crypto ownership. Baby boomers and women remain the least likely to hodl.

The report cites respondents’ lofty price expectations for Bitcoin (BTC) as a driving factor for their optimism, noting that the average crypto user expects the price to bounce back to $38,000 within the next six months.

This is despite some experts believing Bitcoin will remain sideways for the foreseeable future and could go as low as $16,000.

Price recovery is likely important for the average crypto holder because the majority of crypto owners — 66% primarily see cryptocurrency as a means to make money as opposed to using it to send or as a means of payment, according to the report.

Bitcoin was the most popular crypto owned by Americans, with 75% of U.S. crypto owners in possession of the cryptocurrency according to the report. It is worth noting that stablecoin USD Coin (USDC) and the native token of the Solana blockchain (SOL) saw 4% increases in ownership each since January.

By a wide margin, #Bitcoin is the most popular#cryptocurrency owned by Americans, as 75% of U.S. crypto owners own Bitcoin. https://t.co/x87mWnFxQF pic.twitter.com/WLoDEtYim8
— Morning Consult (@MorningConsult) July 7, 2022

The report has also noted that a rising share of Americans favoring heavier regulations on the cryptocurrency space. The portion of Americans that believe the market should be more strictly regulated increased from 17% in January to 21% in June.

The report attributes the increased call for regulations to the “current environment of heightened volatility” stemming from the collapse of the Terra ecosystem and Janet Yellen addressing the risks associated with that event.

The report, titled ‘The Crypto Report: Our Analysts on the State of Cryptocurrency’ draws the data from three surveys. Two of the surveys were conducted on 2,200 to 4,400 and 6,000 U.S. adults respectively. The third was conducted monthly in 15 to 17 different countries and again from June 1-7, 2022 on 1,000 adults per country.

DeFi, Web3, CBDC still unknown for most: Survey

March 30, 2022 Coin Telegraph

Adoption

A new survey finds that crypto adoption and DeFi usage among Americans is deceptively low despite the echo chamber of the industry-leading people to believe otherwise.

A new survey by polling agency Morning Consult found that fewer than one third of ordinary Americans have heard of DeFi compared with 77% of crypto owners.

Considering that about 87% or 290.9 million Americans did not yet own crypto through 2021 according to Statista, awareness of decentralized finance (DeFi) among non-owners is limited to about 90 million Americans and still has a long way to go.

Morning Consult’s survey also found that the level of awareness of central bank digital currencies (CBDC) and Web3 is even lower at 30% and 21% of non-owners, respectively.

The survey was conducted between Feb. 16 and 23 of this year. It included 4,404 United States-based adult respondents.

Although discussion within the crypto industry often looks to highlight the rapid growth of the DeFi space over traditional financial service providers, it is easy to overlook the echo chamber.

However, the survey's most optimistic finding was that 91% of Americans have heard of cryptocurrency, a number tantalizingly close to representing the entire population.

The report, written by Morning Consult’s analyst Charlotte Principato, states that 40% of respondents agreed that there is a lack of innovation in existing traditional financial services and are actively diversifying the financial services and providers they use. While there is demand for more services, it is not necessarily a factor driving users out of traditional finance.

However, people have become accustomed to managing more aspects of their lives thanks to the at-a-touch accessibility their smartphones give them. Principato believes this idea applies to the decentralization of one’s own finances across multiple service providers. She states, “using products from multiple providers offers superior service and is more cost effective than working with just one.”

That familiarity with self-direction could translate into the financial realm. Though it may not lead to the automatic adoption of DeFi, it is a behavioral and attitudinal shift that the report says financial service providers should watch evolve or risk falling behind.

“Industry leaders need to pay attention to these attitudinal and behavioral shifts — but, more importantly, they must continue to innovate product offerings that can rival those of their DeFi counterparts.”

Traditional banks like Goldman Sachs and Bank of America have begun exploring the crypto-based services they can offer to their clients to try to demonstrate better innovation. Principato believes that coupling crypto awareness with traditional services that utilize crypto and demand for financial decentralization could eventually push consumers out of the traditional finance sector entirely and into DeFi.

As for now, the status quo remains fairly intact as the vast majority of Americans rely on traditional banks for their financial services and only a small minority own crypto.

US Inflation Skyrockets, 64% of Americans Live Paycheck to Paycheck, S&P 500 Chart Shows Death Cross Imminent

March 9, 2022 Bitcoin.com

Low Millennial financial well-being drives crypto adoption: report

February 18, 2022 Coin Telegraph

Adoption

Millennials are most likely to seek alternative financial services and assets such as crypto, and younger generations are hopping on to the bandwagon leading researchers to expect a crypto boom in 2022.

Data shows that Millennials in the United States are flocking to alternative financing methods such as crypto assets to boost their financial well-being.

A report titled The State of Consumer Banking & Payments by Morning Consult in January found that Millennials are adopting new technologies to help them make financial decisions at a higher rate than any other generation. The author of the report, financial services analyst Charlotte Principato, combined data from 50,000 different respondents to monthly surveys conducted in the U.S. and internationally from July to December 2021.

Principato stated in email comments to Cointelegraph today that the increase in the use of cryptocurrency in 2021 was an outlier among the statistics that jumped out to her while putting together the report. She said,

“Although a volatile asset, cryptocurrency has successfully held the interest of consumers around the world and continued to grow.”

By last December, about 48% of Millennial households owned cryptocurrency, up from only about 30% in June. During the same time period, 20% of all U.S. adults reported owning cryptocurrency.

Millennials’ use of alternative financial services such as cryptocurrencies may be due to the fact that they suffered from financial well-being scores which remained “persistently lower than the national average” since June 2021, according to the report. The global average by last December was 50.98, but the Millennial group lingered at 49.54.

Principato told Cointelegraph that reduced financial well-being was a trend she noticed over the last seven months. She attributes the decline to “the Delta and Omicron variants, and rising inflation in the U.S., which has not fully recovered.”

Morning Consult’s website states that The financial well-being score is determined by a scale that “includes 10 questions for gauging present and future security and freedom of choice, touching on consumers’ control over their finances, their capacity to absorb financial shocks and their trajectory to meet their financial goals.”

While Millennials in general are the leaders, crypto owners are “disproportionately high-earning Millennial men.” 70% of Millennial men use crypto, 25% of them earning over $100,000 annually.

Interestingly, Hispanic people have a higher rate of crypto use than their representation in the general adult population. About 16% of all U.S. adults are Hispanic, but they account for 24% of all crypto owners.

As cryptocurrency became more mainstream throughout 2021, respondents from every generation polled from Baby Boomers, Gen Xers, Millennials, and Gen Z adults were increasingly likely to consider making purchases from U.S. exchange Coinbase.

Related: 70% of US crypto holders started investing in 2021: Report

The results from the report led Principato to conclude that “Cryptocurrency will boom in 2022.” The report stated that the adoption of crypto and onboarding younger generations will be two main factors leading to the boom.

Morning Consult

Coinbase attempts to mobilize crypto users

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