Financial system ‘outdated’ but crypto is no fix either: US swing voters

In a survey by the Digital Currency Group, 70% of swing state voters agreed the current financial system is "outdated" and in need of an overhaul, but most didn’t think crypto was the answer either.

The majority of Americans in swing states say the financial system is “outdated” but agree crypto may not be the solution either, a survey reveals.

The study, conducted by the Digital Currency Group and The Harris Group, surveyed 1,201 people in six “swing states” — a term given to states that could reasonably be won by either the Democratic or Republican parties in a state election.

Cointelegraph’s earlier reporting found that over 90% of these respondents plan on voting in the upcoming U.S. election and that a politician’s crypto stance could play a key role in their choices.

However, while 70% of the surveyed voters agreed that the current financial system is “outdated” and 74% say the system is in need of an “overhaul” only a third of respondents agreed crypto could solve this problem, the May 7 report found.

Four out of five participants said the current financial system favors the elites over regular people, but nearly 75% of respondents said crypto isn’t more equitable than the current system either.

Only 41% of swing voters agree that crypto represents a new way toward financial security and prosperity, while 35% believe crypto is the future of transacting.

However, there was a large discrepancy in answers between those who own crypto or have owned crypto in the past and those who have never touched it.

More than 90% of current crypto owners plan to buy more coins or maintain their portfolios over the next six months — while only 7% of non-crypto owners plan to invest in the asset class in that time.

About 76% of voters who hold or have held crypto said it positively impacted their financial well-being.

Related: Crypto voters could provide ‘key swing’ in 2024 US elections: CCI poll

The participants, from Michigan, Nevada, Ohio, Montana, Pennsylvania and Arizona, took part in a 10-minute online survey, conducted between April 4-16, 2024

They had to reside in the United States, be at least 18 and be registered to vote in order to participate.

The survey also found that swing voters do not trust political candidates who are interfering with cryptocurrency developments, particularly those who don’t understand how the technology works.