The focus of a new study has shifted to the ownership of cryptocurrencies by U.S. residents at a time when the industry is seeing an upsurge in the regulatory discussion.
According to data released on February 27 by cryptocurrency exchange Coinbase, as of February 2023, around 20% of U.S. residents, or at least 50 million people, owned a variety of cryptocurrencies.
Notwithstanding the bear market of 2022, which saw assets like Bitcoin (BTC) plummet by almost 60%, the survey found that crypto ownership among residents has remained stable. Surprisingly, 76% of crypto investors think digital assets and the underlying technologies represent the future.
“At the same time, the study suggests that the majority of Americans remain enthusiastic about the future of crypto and see its potential to be a part of the solution to bring about substantial change in the financial system,” Coinbase added.
A breakdown of the holders reveals that Democrats and Independents are deadlocked at 22% ownership, with Republicans accounting for around 18%.
Eighty percent of respondents to a survey of more than 2,000 people deemed the existing global financial system to be unjust and in need of reform. As a result, 67% of respondents said that the financial system needed to be redesigned.
In response to the poll results, Coinbase said that it intends to start a nationwide education campaign on the usage of cryptocurrencies in order to make the financial system more equitable. In this line, the trading platform intends to conduct campaigns about the use of technology to modernize financial processes and crypto-specific use cases.
Notably, while more Americans invest in cryptocurrencies, the United States continues to deal with the sector’s rules. Importantly, a number of legislative bills have been presented to various legislative bodies outlining the industry’s future steps.
The White House has also commissioned studies on the establishment of crypto rules in response to this issue. Meanwhile, the Securities and Exchange Commission (SEC) continues to tighten down on various participants, particularly over the issuing of securities.