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Economic Hopes and Frustrations Around the World | State of Crypto – Q4 2024

Tl;dr Coinbase commissioned new third-party research from Ipsos to better understand how people in four countries view their country’s current financial system — and the role that crypto and blockchain technology can play to improve their current state of financial affairs. In our newest State of Crypto report, you can learn more about how the people in Argentina, Kenya, the Philippines, and Switzerland navigate the financial system and why they use crypto to address frustrations and improve their level of economic freedom.

By Coinbase

Company

, January 21, 2025

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Coinbase commissioned new third-party research from Ipsos to better understand how people in four countries (Argentina, Kenya, the Philippines, and Switzerland) view their country’s current financial system — and the role that crypto and blockchain technology can play to improve their current state of financial affairs. Four countries, four vastly different economies, but one common thread: a sense that the current financial system in each could use an update.

In our newest State of Crypto report, you can learn more about how the people in Argentina, Kenya, the Philippines, and Switzerland navigate the financial system and why they use crypto to address frustrations and improve their level of economic freedom.

1. There is near-unanimous desire for more economic freedom and control across all surveyed countries.

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2. There is also overwhelming frustration with the existing financial system in all four nations.

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3. Adults in surveyed countries believe new technology should be used to update the financial system — and are turning to crypto as the solution, with over seven in ten agreeing that crypto can address at least one of their financial frustrations.  Crypto owners are especially optimistic about the benefits of blockchain technology.

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Argentina: Battling soaring inflation rates, Argentinians are searching for alternatives to protect their savings and secure a more stable economic future. Over eight in ten crypto owners in Argentina think crypto could help their country’s economy grow, promote innovation, and give individuals more control over their finances.  

In practice: Approximately 5 million Argentinians actively used cryptocurrencies for everyday transactions in 2024, and received $85.4 billion in value in 2023. [1]

Kenya: Known for leading the world in mobile money innovation, Kenyans are turning to crypto as the next evolution. With over 90% of crypto owners in the country hopeful about blockchain's potential to make the current financial system better overall, there’s a clear appetite for tech-driven solutions to financial frustrations. [2]

In practice: Over 6 million [3] Kenyans own cryptocurrencies — over 10% of the population — and in 2021, Kenya led the world in peer-to-peer crypto transactions. [4]

Philippines: With a strong overseas workforce sending billions home each year, Filipinos face exorbitant remittance fees. [5] Enter crypto: over eight in ten crypto owners believe it could make the financial system cheaper and nine in ten, faster.

In practice: 52% of Filipinos have bought cryptocurrencies. [6]

Switzerland: Even in the land of watches, chocolate, and banking prowess, tradition isn't sacred. Only around one in five believe that their generation will be better off than their parents, fueling growing interest about crypto’s potential to complement – not disrupt — their gold-standard financial system.

In practice: 23% of the Swiss population owns cryptocurrencies — the highest in Europe. [7]

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Methodology

Unless otherwise noted, all data is sourced from a poll of 4,900 adults in Argentina, Kenya, the Philippines, and Switzerland, conducted by Ipsos on behalf of Coinbase in Q4 2024.

1. Will Argentina Become the First Crypto Economy?, Crypto Council for Innovation

2.  How Kenya became a world leader for mobile money, World Bank 

3. Cryptocurrency Ownership Data, Triple-A 

4. Kenyans lead the world in peer to peer crypto trade, Quartz and Chainalysis 

5. Philippine remittances up by 3.3 pct in September, Philippine News Agency

6. Philippines ranks 2nd in cryptocurrency ownership globally , The Philippine Daily Inquirer

7. Crypto Survey, Bitpanda and YouGov

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