In a recent study conducted by Coinbase, a paradigm shift has emerged among the young American population. An impressive 38% of younger Americans now believe crypto and blockchain technology can provide significant economic opportunities not commonly found in the traditional finance sector.
Interestingly, this stands in stark contrast to older generations, where approximately 26% share the same belief in the potential of blockchain technology.
The gravitation towards cryptocurrencies is based on more than just disillusionment with the traditional system. There is a proactive push from young people to scour for new economic opportunities aligning with their lifestyles and financial needs.
As per the study, younger generations are highly frustrated with the current financial system. According to Coinbase’s report, only 9% of Gen Z (18-25) and 19% of Millennials (26-40) still believe in the attainability of the American Dream through conventional means.
Only 7% of these demographics believe the current financial system serves their needs well. Over 52% of the respondents in the study period reported infrequent use of the system, with fewer than 20% considering the U.S. financial system superior to those in other countries.
Moreover, about 31% of younger individuals own cryptocurrency compared to 12% of older generations. 16% of the younger people note that the international availability of digital assets is a compelling attribute for crypto.