Key Takeaways
- Cryptocurrency exchange Coinbase analyzed the level of economic dissatisfaction of people in the current financial systems of Kenya, Argentina, The Philippines, and Switzerland.
- According to the study by Coinbase, at least 7 out of 10 adults in those countries believe that blockchain and crypto have what it takes to solve problems in their country’s financial systems.
- The respondents believe that using crypto is the solution to improving the failing economic outlook of those countries.
A study commissioned by leading American cryptocurrency exchange Coinbase in Kenya, Argentina, the Philippines, and Switzerland has revealed that people believe crypto is not only an alternative but also the solution to stalled or failing financial systems.
According to the study that Coinbase conducted in collaboration with popular research company Ipsos, the respondents stated that they believed in the ability of cryptocurrencies to address numerous problems in their countries, including bringing more economic control and freedom, as well as their desire for change in their respective countries. The just-published report involving 4,900 respondents examined the state of the industry and the economic hopes and frustrations of the world during Q4 2024.
Common Denominator of Dissatisfaction
The report’s results led to the general feeling that the residents of the four countries shared a common denominator of dissatisfaction with their countries’ current financial systems. Asked whether they believed blockchain and cryptocurrencies could play a role in changing how people felt about their economic future, 7 out of 10 of the adults stated that they believed blockchain and crypto should be implemented in their county’s financial systems.
The study further revealed that the respondents believed there was a need for an overhaul in the way their country’s economic programs were being implemented, with less than 50% of them stating that their generation would be better than their parents if things took the proposed trajectory.
In particular, the Kenyans and Argentinians considered the cost of living high rather than affordable, with Kenyans stating there was a sense of economic instability and reliability with their institutions. In the Philippines, the residents noted bureaucratic slowness that made the country’s economic engine less efficient. At the same time, the Swiss felt they were their country, though well organized, and had issues such as traditionalism that slowed innovation.
Crypto Could Solve Most Economic Challenges
The respondents in Kenya, Argentina, and the Philippines said there was a tendency in their territories to think that new technologies should be introduced to improve the financial systems. The sentiment was less pronounced in Switzerland, which hosts the Lugano Bitcoin hub, but most people still agreed that crypto is the solution to challenges they encountered in their financial lives.
Among the crypto holders in those four countries, between 67% and 94% told the researchers they believed crypto could improve at least one of the listed frustrations in the financial sector. On the other hand, between 71% and 97% stated that crypto could have a decisive impact on their monetary freedom. However, these sentiments were deeper in Kenya than in Switzerland, where the decadent economic fabric favored citizens.
Conclusion
The study by Coinbase shows that most people in Kenya, the Philippines, Switzerland, and Argentina believe that crypto is the solution to their financial challenges. Overall, in Kenya, the perception was most significant that the introduction of crypto could make a difference. The residents of the Philippines and Argentina were more or less on the same level of thinking about the role of crypto and blockchain. The Swiss were more optimistic about their economic situation but agreed with the rest that crypto would make a big difference.
