A CNBC poll from a year back is making headlines again as the situation in the U.S. has shown no signs of improvement. CNBC republished the study which concluded that 1 in 4 Americans are unbanked. It usually consists of low-income Americans who lack any banking access cause they’re are too poor or couldn’t keep up with it.
More often than not, endeavours to ‘Bank the Unbanked’ try to cover the developing world.however its crystal clear now that a quite a few in America are falling behind in this department. The poll also showcases the struggles of Americans who have gone out of the financial picture.
— CNBC (@CNBC) January 26, 2020
The reasons behind this predicament which the CNBC poll shows, stick out like a sore thumb. A chunk of unbanked people lives in so-called ‘Banking Deserts’ which lacks a sufficient number of branches. Also, some are too poor to open an account due to the fees and minimum maintenance amount.
CNBC Poll Results Offer an Opportunity For Blockchain
The Blockchain space has its sights on unbanked people for quite some time now, but they need to realise that they should start by banking the Americans first. They are on the periphery of the economy but can be included in it through the internet.
Ergo, it is easy to involve the unbanked into the new system of banking, bitcoin and other cryptocurrencies. While the Blockchain space pays attention to it, it is evident that efforts made to solve the crisis are few and far between.
CNBC poll highlights the current banking reality in the U.S. and begs for a more comprehensive and better financial system. Although Bitcoin provides people who lack access to a bank with a free saving account, its volatile nature and spending ability is a hindrance, given the fact that the U.S is a consumer economy. Cryptocurrency needs to attain the usability of cash if it wants to truly ‘bank the unbanked’ and offer an alternative route to fix the problem.