Coinbase rolled out the newest State of Crypto report. The study was conducted by Ipsos. It observes how crypto and blockchain technology are viewed in Argentina, Kenya, the Philippines, and Switzerland and how it impacts the lives of people in these countries.

For most of the part, the study is based on surveys with 4,000 adults (not specifying the age rates) in Argentina, Kenya, the Philippines, and Switzerland conducted on behalf of Coinbase. The choice of countries aims to give an outlook of societies living in markedly different socioeconomic conditions in different parts of the world (none of these countries belong to the same continent, with the Philippines being an archipelago-based country).

The similarities between these countries are the mostly Christian populations and the government systems revolving around the republic model. Nevertheless, the countries have strikingly different areas, positions on the map, historical experiences, cultures, languages, climates, economic states, etc. 

Coinbase, however, outlines another similarity between Argentina, Kenya, the Philippines, and Switzerland: according to the exchange team, the residents of these countries feel that the local financial systems need to be improved. More than that, generally, the polled residents see cryptocurrencies and blockchain as tools that may enhance their lives in terms of financial wealth and overall give more freedom and independence. 

The state of economy in these countries

The report starts with the statistics demonstrating that in each country, less than a half of all respondents believe that the current financial direction in their country will make them live better than the previous generation. However, even fewer people believe that they will live worse than their parents in Argentina and the Philippines. 

So it’s fair to say that in Kenya and Switzerland, people don’t approve of the current financial politics in contrast to the past years, while Argentina and the Philippines rather dislike both the current and the previous efforts, believing that nowadays things are a bit better than before. Respondents in all these countries agree that the local financial system should be changed or overhauled completely. They refer to the financial systems of their countries as “slow,” “expensive,” and “unstable.” They also cited a lack of innovation as one of the problems. 

The study reveals four main concerns of the respondents named in the surveys: lack of fairness (discrimination), centralization, decreasing value of the national currency, and too much hard work to earn enough or save money.

The distribution of concerns varies from country to country, with Kenya and the Philippines being most critical towards centralization, discrimination, and wage slavery. Switzerland is least concerned about many of these issues while being cautious towards the government’s dependency on banks. Argentinians have the biggest trust issues with their financial institutions and a problem with saving money.

Crypto as a remedy

Most people polled by Ipsos for the study want to be in charge of their financial state and gain more freedom and control over their money. 7 in 10 respondents see cryptocurrency and blockchain as the way to achieve these goals. More than that, both crypto owners and those who don’t have crypto agree that digital currencies can help them gain more freedom and control over their wealth.

Switzerlanders are markedly less interested in crypto than respondents from other countries. However, over 70% of crypto owners in Switzerland believe that crypto offers them more control and freedom. Less than half of the surveyed Switzerlanders with no crypto believe that they need it.

Wider blockchain adoption is also viewed as a favorable factor that may improve the local financial systems and individual wealth. Most respondents believe that blockchain promotes innovation and facilitates control over individual finances. Respondents hope that blockchain will make the system faster and more accessible.

In all polls, Switzerland is presented with lower numbers. It reflects the lower expectations associated with Bitcoin and blockchain and the lower level of dissatisfaction with the financial status quo.

Looking into this study, you may notice a strong connection between the level of satisfaction with the country’s financial direction and the level of support for cryptocurrencies and blockchain. The residents of Switzerland and Argentina are less concerned with the current financial state of their countries, and they are less into crypto than Kenya and the Philippines. Probably, that’s one of the reasons why not only Kenya but Africa in general, where the population has little to no access to banking services but has smartphones, are usually seen as the driver of the mass adoption of cryptocurrency and blockchain-based solutions as the substitute of traditional banks. 

One of the biggest roadblocks in converting Latin American investors to concept of crypto, is education about the sector. Cryptocurrencies, which don’t have a physical existence like gold or cash, can be a difficult concept for investors to grasp. “Latin American investors are still very traditional,” she added. “They tell me they only invest in things that they can stand on, or things they can touch. We’re trying to change that mentality… we need to prove to them that these technologies actually work.”