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As the US election approaches, a survey conducted by Digital Currency Group and Harris Group reveals deep dissatisfaction with the current financial system among voters in battleground states. Although 70% believe cryptocurrencies are “outdated” and want them to be reconsidered, cryptocurrencies are not unanimously emerging as an alternative.
A financial system that doesn't benefit everyone
As cryptocurrencies increasingly enter political debates in the United States, recent surveys highlight voters' deep dissatisfaction with the current financial system. The results of a survey of 1,201 voters in six major states are conclusive: 80% believe the system in place benefits elites at the expense of average citizens.
This mistrust stems from a tense economic situation characterized by rising inequality and questioning of established models. “Americans feel that the financial system is no longer meeting their needs and seeks to primarily serve the interests of the wealthiest.'' says John Smith, an economist at the Peterson Institute. The numbers speak for themselves. Over 74% of those surveyed called for a major overhaul of the system.
However, this desire for change faces a complicated reality. While cryptocurrencies appear to be an attractive alternative to some, they still cause mistrust among the majority of voters. Only a third of those surveyed believe it is a reliable solution to the current dysfunction, and nearly 75% believe it is no more fair than the traditional system.
Cryptocurrency, the path to prosperity?
Despite a clear desire for change, cryptocurrencies are having a hard time convincing most voters. Only one-third of them consider cryptocurrencies as a reliable solution to the current financial system breakdown. Despite 41% seeing the financial system as a new path to financial security and prosperity, nearly 75% do not think it is fairer than the traditional system.
This general skepticism contrasts with the enthusiasm with 76% of crypto holders satisfied with the positive impact on their financial situation. As evidence of their confidence in these digital assets, over 90% plan to maintain or increase their holdings in the next six months. It's an enthusiasm not shared by beginners, as only 7% of people consider short-term investing.
Laura Jones, an analyst at Chainalysis, said this gap can be explained by the still limited understanding of cryptocurrencies among the public.Cryptocurrency remains an abstract concept for many, who struggle to understand its concrete benefits.” Repeated scandals and high volatility shaking the ecosystem have not been able to dispel the mistrust surrounding it, amplifying doubts about its reliability and longevity.
Although there is widespread agreement about the obsolescence of the financial system, cryptocurrencies are not yet touted as a miracle solution. To establish themselves as a reliable and viable alternative, they must gain maturity and accessibility while dealing with increasingly stringent regulatory frameworks.
It is an important issue that is sure to increase discussion in future elections as issues related to decentralized finance are discussed in public. Only time will tell whether cryptocurrencies can capture the hearts of American voters or remain the preserve of a few confident insiders.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
