The Crypto Council for Innovation (CCI), a global organization advocating for digital assets through research and education, released the results of a national survey among crypto voters. The findings suggest that cryptocurrency can serve as an alternative to individuals who have limited access to traditional financial services. The survey was conducted in December 2023, with its results being released on January 3.
According to an article on CCI's website, 44% of the survey respondents rated the financial condition of the United States as "poor," while 27% said it was "fair" and 28% rated it "excellent" or "good." Fifty-three percent of respondents indicated their access to financial services is "excellent" or "good," while 47% called it "fair" or "poor." CCI stated that these results demonstrate ongoing unequal access to financial services in the United States.
CCI CEO Sheila Warren said in a statement shared in the article, "As we navigate the evolving landscape of financial services, it’s clear that cryptocurrency is not just a novel asset, but an important pathway to financial inclusion. Our research illuminates why a significant portion of the population feels left behind by traditional financial systems. By embracing digital assets as not just an inevitable but also a helpful tool, we’re paving the way for economic participation for those historically underserved, ensuring everyone ultimately has a fair chance to thrive in the global digital economy."
The article also noted that CCI found income and education were correlated to an individual's access to financial services. Seventy-eight percent of survey respondents with a household income of more than $100,000 per year said their financial access is "good" or "excellent." In contrast, only 34% of respondents in households earning less than $50,000 annually reported their access as "good" or "excellent." Furthermore, respondents with college degrees were more likely to report "good" or "excellent" access to financial services.
According to CCI's article, 86% of the survey respondents said they would consider using crypto as an alternative to the traditional financial system in order to access services and products.
A report from the World Bank states that approximately 1.4 billion people worldwide are "unbanked," meaning they do not have bank accounts or access to traditional financial tools. Unbanked individuals are often women, people living in poverty or remote areas, or those who received minimal education.
Finance Magnates reported that crypto payment tools, such as the contactless payment platform Binance Pay and the crypto debit card Binance Card, increase financial inclusion by enabling people who are unbanked or have limited access to traditional banking services to utilize their crypto holdings in daily transactions.
CCI is a global alliance dedicated to advancing innovation in the digital asset industry through regulations and research, according to its website. CCI has teams across the U.S., as well as in London, Brussels, and Hong Kong.