By George Ward
A new survey conducted by the Global Blockchain Business Council has revealed that Americans from both sides of the political aisle are embracing cryptocurrency. The survey found that 22% of Democrats and 18% of Republicans own cryptocurrency.
Crypto legislation is stalled in the United States due to disagreements in Congress. Furthermore, it has been observed that a significant number of Americans perceive cryptocurrency and blockchain technology as crucial components of a modernized financial system.
According to the survey, 68% of the participants opined that updating regulations in the United States would facilitate the adoption of crypto and blockchain technology. Interestingly, this view is held by members of both major political parties, Democrats and Republicans alike.
Crypto Possession Evenly Distributed Among Partisan Groups
An investigation conducted recently has shown that possession of cryptocurrency is similarly distributed among Republicans, Democrats, and Independents, even though crypto legislation in the U.S. Congress is delayed due to political disagreements.
This research, commissioned by Coinbase and conducted by Morning Consult, has made it clear that most Americans accept cryptocurrency as a part of modern finance, regardless of their political affiliation. During a recent Senate Banking Committee hearing on crypto legislation, most Democrats suggested the hastening of regulations concerning cryptocurrency.
On the other hand, many Conservatives argued that the Securities and Exchange Commission was hindering the progress regarding crypto regulation. The poll indicates that 76% of crypto owners consider blockchain technology and digital currency the future of the financial world.
The survey shows that most Gen Z and Millennials share the same opinion. Senator Tom Emmer, a Republican favorable to cryptocurrencies, has recently voiced his apprehensions about a prospective Fed-backed digital currency.
In addition, the survey uncovered that although they may not own cryptocurrency, many young people have faith in crypto. Over half of Gen Z individuals (54%) and Millennials (55%) of the survey respondents believe blockchain technology and cryptocurrencies will shape the future.
20% Of Americans Are Crypto Holders Despite “Crypto Winter”
Regarding the United States of America, the survey revealed that 20% of those asked are cryptocurrency holders, which is a similar proportion since the commencement of the crypto winter at the start of 2022.
Furthermore, 80% of participants think the current global financial system favors the wealthy. Hence, 67% prefer to see a significant system reform or a complete makeover.
Meanwhile, the U.S. has not proposed a blanket prohibition yet, but Treasury Secretary Janet Yellen has stressed the need for governing frameworks for cryptocurrencies.