Coinbase, one of the biggest names in the crypto world, has thrown down the gauntlet. With research indicating that a staggering 87% of Americans are hungry for a change in the financial system, Coinbase is galvanizing the 52 million crypto owners in the U.S. for a political crusade aimed at the 2024 elections. Forget party politics; this is about changing the financial landscape, and it’s serious business.
In a report released earlier this year, Coinbase unearthed Americans’ souring sentiments towards their financial system. Half of the surveyed Americans feel the financial apparatus does not operate fairly for all. And if you think this sentiment exists in a vacuum, you’re wrong. The report shows that only a dismal 14% are optimistic about the future of American finances. So, the discontent is real, and the disenchantment, pervasive.
But what makes crypto the knight in shining armor for the American financial dystopia? Blockchain, the technology that powers crypto, has been heralded as a democratizing force. The numbers back this claim: 63% of crypto owners agree that the existing system unfairly tilts towards the powerful and affluent. In states like Nevada, Ohio, and Pennsylvania, over 40% of digital asset owners use crypto to make cross-border remittances cheaper than what traditional banks offer.
The allure of crypto isn’t limited to the tech-savvy or the financial pundits; it’s sweeping across various age demographics too. A compelling 72% of people between 18 and 34 believe crypto grants them direct control over their money, and the same percentage sees digital assets as the future of finance.
Coinbase is using this populist crypto sentiment as a battering ram against political inertia. It’s framing crypto owners, who make up one-fifth of American adults, as a powerful bloc capable of swaying future economic, political, and cultural trends. These aren’t just Bitcoin bros and Ethereum enthusiasts; they are a multifaceted group, younger and more diverse than the U.S. population at large.
The international landscape, too, seems to be pressing the urgency button. Countries around the globe are constructing crypto-friendly policies, positioning themselves as the crypto hubs of the future. Meanwhile, the U.S. risks losing an estimated four million jobs tied to the emerging web3 sector if it doesn’t make legislative moves soon.
The call to action is clear: Congress needs to listen to the 52 million crypto aficionados residing in their country. Proposed as the first step is the Financial Innovation and Technology for the 21st Century Act (“FIT21”). Already passing through key committees in the U.S. House of Representatives, FIT21 aims to provide a comprehensive framework that allows innovation to flourish without compromising on consumer protection.
Coinbase isn’t leaving this to chance. The newly formed Stand with Crypto Alliance is leveraging Coinbase’s platform to convert crypto owners into single-issue advocates. In just a few weeks, over 100,000 people have already taken action through the Alliance’s decentralized app. This is accompanied by a full-scale media campaign that has begun showcasing digital and outdoor advertisements in Washington, DC.
The goal is ambitious but clear: mobilize crypto owners across nine strategically chosen states and demand action from Congress. In Georgia alone, Coinbase aims to form a club of at least 11,779 crypto members. Because when it comes to advocating for a fairer financial system, 52 million voices are hard to ignore.
So, the next time your phone buzzes with a crypto update, it might not be about Bitcoin hitting a new high or Ethereum launching a new update; it could very well be your call to political action. A single minute of your day could ripple through the system to bring about the change that 87% of Americans say they want to see. Are you in?
