US-based cryptocurrency exchange Coinbase recently conducted a study in Argentina, Kenya, Philippines, and Switzerland to gain insights into how people in these countries perceive cryptocurrency and blockchain technology as potential solutions to enhance their financial systems.
The study, carried out by Ipsos, a market research and consulting firm, revealed that a significant number of adults in all four nations believe that their current financial systems are in need of significant reforms or a complete overhaul. The majority of participants also expressed various financial concerns such as the centralization of the financial system, lack of fairness, fluctuating currency values, and challenges in making and saving money.
Interestingly, the study found that a majority of respondents believe that cryptocurrency could address some of these financial frustrations. Over 70% of participants agreed that cryptocurrency has the potential to alleviate at least one of their financial concerns.
In Kenya, where more than 10% of the population already own cryptocurrencies, a staggering 94% of adults view crypto as a viable solution to modernize their country’s financial system. Similarly, 81% of individuals in the Philippines and 76% in Argentina share this sentiment.
Among Filipino cryptocurrency owners, over 80% believe that cryptocurrency can make their financial system more cost-effective, while 90% think it can enhance the system’s speed. In Argentina, a similar percentage of cryptocurrency owners believe that crypto can stimulate economic growth, foster innovation, and empower individuals to have more control over their finances.
However, the study revealed that people in Switzerland are the least optimistic about the potential of cryptocurrency and blockchain technology to address their financial concerns, with only 67% of Swiss participants expressing belief in its efficacy.
Despite Switzerland’s reputation for financial stability and innovation, the study indicates a growing interest in exploring how cryptocurrency can complement, rather than disrupt, the country’s traditional financial system. Only around one in five Swiss individuals believe that future generations will be better off than their parents, highlighting a shift in attitudes towards embracing new technologies like cryptocurrency.
In conclusion, the study conducted by Coinbase provides valuable insights into how individuals in different countries perceive cryptocurrency as a potential solution to improve their financial systems. As attitudes towards cryptocurrency continue to evolve globally, it will be interesting to see how these perceptions shape the future of the financial landscape in these nations.