Over Two-Thirds of People in Four Countries See Crypto As Solution to Outdated Financial System: Coinbase Study
US-based crypto exchange Coinbase has commissioned a study to understand how people in Argentina, Kenya, Philippines and Switzerland view crypto and blockchain technology as a means of improving their country’s financial system.
The study, conducted by market research and consulting firm Ipsos, shows that the majority of adults in all four nations believe that the existing financial system in their country needs changes or a complete overhaul.
But most participants think that crypto can help with their financial concerns, which include the centralization of the financial system, lack of fairness, changing value of their country’s currency and difficulty in making and saving money.
“Adults in surveyed countries believe new technology should be used to update the financial system — and are turning to crypto as the solution, with over seven in ten agreeing that crypto can address at least one of their financial frustrations.”
In Kenya, where over 10% of the population own cryptocurrencies, 94% of adults see crypto as a solution to update their country’s financial system.
The view is shared by 81% of the people in the Philippines and 76% of the people in Argentina.
Over 80% of Filipino crypto owners believe that crypto can make their financial system cheaper and 90% think crypto will make the system faster.
Among Argentinian crypto owners, over 80% also think that crypto can help the economy grow, promote innovation and give people more control over their finances.
People in Switzerland are the least optimistic with only 67% of the Swiss believing that crypto and blockchain can address at least one of their financial frustrations.
“Even in the land of watches, chocolate, and banking prowess, tradition isn’t sacred. Only around one in five believe that their generation will be better off than their parents, fueling growing interest about crypto’s potential to complement – not disrupt — their gold-standard financial system.”
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Author: Rhodilee Jean Dolor
