66 million Americans own cryptocurrencies despite bear market

A brand new survey has devolved into the possession of cryptocurrencies by People at a time the sector is witnessing elevated discuss round regulation of the trade. 

Certainly, as of February 2023, about 20% of People representing at the least 50 million residents, personal several types of cryptocurrencies, analysis printed by crypto change Coinbase on February 27 signifies. 

The examine identified that crypto possession amongst residents has remained constant regardless of the 2022 bear market that noticed property equivalent to Bitcoin (BTC) plunged by over 60%. Curiously the overwhelming majority of crypto holders, at 76%, consider digital property and the underlying know-how are the long run. 

“On the identical time, the survey signifies that almost all People stay optimistic about the way forward for crypto and perceive its potential to be a part of the answer to result in significant change to the monetary system that may profit society as a complete,” Coinbase mentioned. 

A breakdown of the holders exhibits that Democrats and Independents are tied at 22%, with Republicans accounting for about 18% of cryptocurrency possession. 

Must overhaul monetary system 

The analysis that sampled suggestions from over 2,000 people noticed 80% level out that the present international monetary system requires an overhaul terming it unfair. Consequently, 67% of the respondents indicated that the monetary system wants an overhaul. 

Following the survey end result, Coinbase indicated that there are plans to launch countrywide training on using cryptocurrencies to make the monetary system truthful. On this line, the buying and selling platform plans to launch campaigns on utilizing know-how to replace monetary methods and particular use instances from crypto. 

It’s price noting that as extra People enterprise into cryptocurrencies, the nation nonetheless grapples with the sector’s laws. Notably, a number of legislative legal guidelines have been fronted earlier than completely different legislative arms proposing the subsequent method ahead for the trade. 

The matter has additionally caught the eye of the White Home, which commissioned analysis into the event of crypto laws. On the identical time, the regulator, the Securities Alternate Fee (SEC), continues to crack down on completely different gamers, particularly on the issuance of securities.