Yesterday, the famous US crypto exchange Coinbase released a report on cryptocurrencies.
The report is entitled “To update the dream, they’re updating the system” and is part of the “The State of Crypto” series.
As the title suggests, it is dedicated to the American Dream and the current socio-economic system.
Summary
The State of Crypto World Report from Coinbase Exchange
This is Coinbase’s second State of Crypto report, following the Q2 2023 report, which was dedicated to corporate adoption. This series of reports from Coinbase aims to educate the public on the role cryptocurrencies can play in the evolution of the financial system for the benefit of both consumers and businesses.
The new report focuses on the third quarter of 2023 and starts from the premise that there is some consensus in the US that the current system is not a model for the world, nor is it innovative or fair.
Instead, the report’s findings illustrate how cryptocurrencies can help support greater equality of opportunity and a new system that is more inclusive, self-directed and technologically advanced.
The American Dream
The so-called ‘American Dream’ is nothing more than the widespread hope in the USA that through hard work, courage and determination, a better standard of living and economic prosperity can be achieved.
These are values that were widespread among the first European settlers and passed on to future generations.
The problem is that this dream now seems to be disappearing, so much so that there has long been debate about what the American Dream has really become these days.
Indeed, many argue that it is now just consumerism, consisting of mere material well-being and not real happiness.
The new generations
The Coinbase report focused on the younger generation of Americans and their view of the American Dream.
It found, for example, that only 15% of Generation Z (18-25 year olds) and Millennials (26-40 year olds) say the American Dream is achievable. This suggests a widespread disillusionment with the American Dream, which seems to have all but disappeared among younger generations.
Despite this, the younger generations still seem resilient and adaptable, with 45% wanting more sources of income and almost one in three currently having a second job.
In the face of disillusionment about the future of their American dream, they instead express optimism about cryptocurrencies, with 38% of Gen Z and millennials saying that cryptocurrencies and blockchain can increase their economic opportunities in a way that traditional finance cannot. This percentage drops to 26% among older age groups.
In fact, 31% of Gen Z and Millennials say they hold cryptocurrencies, compared to 12% of Boomers and Gen Xers.
It should also be noted that Gen Z and Millennials now represent around 40% of the voting age population in the US and will become the majority by 2028.
In this context, it is significant that 51% of them say they are likely to vote for crypto-friendly candidates in next year’s elections.
The future of the financial system according to crypto exchange Coinbase
What is clear from the data collected by Coinbase is that younger generations see cryptocurrencies as an important tool to help them take more control of their finances, as opposed to a traditional system that no longer rewards those who work harder and are more resilient.
So on the one hand you have the old system that seems to have given up on the American dream, and on the other you have the new generations who simply want to build a new system.
This is nothing new, as it has almost always been this way, but in fact the old system now seems to have amply demonstrated that it suffers from a number of problems that have led to the disillusionment mentioned above.
Cryptocurrencies, if nothing else, can make a concrete contribution to changing the financial system, even if the economic and social discourse is different.
According to the Coinbase report, the younger generation is actively engaged in building something new. Instead of following conventional paths, they are adopting new and flexible models of work, ownership and finance that are not based on traditional intermediaries.
These new models are moving with them across the country, across the world and at the speed of the internet.
At this point, a different future certainly seems possible, although whether it will be better or not remains to be seen.
