In a groundbreaking report by Coinbase, performed by Ipsos, the study delves into the perspectives of residents of Argentina, Kenya, the Philippines, and Switzerland on cryptocurrencies and blockchain technology. Countries vary in many ways, like their economic situations and locations. Still, one trend is clear, people in countries facing more financial problems view cryptocurrency as a helpful way to gain power and control.
The Financial Situation in Four Countries
The study shows that in each of these countries, fewer than half of the people surveyed think their financial situation will be better than that of previous generations. This feeling is powerful in Kenya and Switzerland, but it’s different in Argentina and the Philippines. There, people think the current financial situation is better than before. Everyone agrees that these countries’ economic systems need significant changes because of problems like slow processes, high costs, and uncertainty.
The Increasing Interest in Cryptocurrency
As economies face difficulties, people want more power over their money, so they turn to digital currencies. The study showed that over 70% of people from Argentina, Kenya, and the Philippines believe cryptocurrency and blockchain can help them increase their wealth and freedom. Swiss residents were less excited about crypto, with fewer people thinking it gives them more financial freedom.
Centralisation vs. Financial Freedom
There were big worries about centralization and unfairness, especially in Kenya and the Philippines. People in these countries believe that the current financial system doesn’t meet their wants, increasing their interest in decentralized financial options like cryptocurrency. Blockchain offers faster and more manageable financial services, which can help solve problems and give people more power over their money.
Switzerland’s Careful Viewpoint
Switzerland has a strong banking system, but people there are more unsure about cryptocurrency. Less than half of the respondents said they needed crypto. Because people are less unhappy with their banking system, the country is more cautious about using blockchain technology.
Conclusion
In countries facing serious money problems, people see cryptocurrency not only to spend but also to gain more control and freedom with their finances. Traditional systems are not meeting people’s needs, so many believe cryptocurrencies and blockchain technology can provide more power, security, and new ideas for individuals in these countries.
