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US financial system is outdated but can crypto fix it?



US financial system is outdated but can crypto fix it?

US citizens believe the current financial system is out of date and that there is a need for an overhaul. 

This is according to a Poll conducted by the Digital Currency Group which found out that 70% of voters in swing states consider the current financial system “outdated” and requires an overhaul. However, most of the respondents are not convinced that cryptocurrency offers the right solution.

The Digital Currency Group and the Harris Group surveyed 1,201 participants from six “swing states.” These states could swing toward either the Democratic or Republican Party in a statewide election.

A May 7 report noted that 70% of surveyed voters recognize that the current financial system is “outdated,” and 74% believe it requires a significant “overhaul.” However, only one-third of them think that cryptocurrency could be the solution.

The majority of participants, four out of five, believe the current financial system favors the elite over ordinary people. But almost 75% also say that cryptocurrency doesn’t offer a more equitable alternative to the current system.

A mere 41% of swing voters believe that cryptocurrency provides a new path to financial security and prosperity, while 35% see it as the future of financial transactions.

The survey responses differ significantly between people who currently own or have previously owned cryptocurrency and those who have never engaged with it.

In case you missed it; a super political action committee (PAC) has raised $102 million to back pro-crypto candidates

Over 90% of those who currently own cryptocurrency plan to either buy more coins or maintain their current holdings in the next six months. Meanwhile, only 7% of people without any crypto ownership plan to invest in it within that timeframe.

Roughly 76% of voters who currently own or have previously owned cryptocurrency report that it has had a positive impact on their financial well-being.

Participants from Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona took part in a 10-minute online survey conducted between April 4 and April 16, 2024.

For participants to participate, they had to be individuals who had to reside in the United States, be at least 18 years old, and be registered to vote.

The survey indicates that swing voters don’t trust political candidates who interfere with cryptocurrency developments, especially those who don’t understand the technology. 

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