US Voters Still Favor Traditional Banks Over Cryptocurrency for Financial Transactions

The concept of cryptocurrency was born out of the 2008 financial crisis as an alternative to traditional banking, but nearly two decades later, it has failed to win over the public, who still prefer the conventional financial system for their monetary needs, according to a survey commissioned by CoinDesk. When asked to choose between banks and cryptocurrency for financial inclusion, 65% of the respondents opted for banks, while only 5% chose cryptocurrency. Although more than half of the respondents, 52%, believe that cryptocurrency is more than just a fleeting trend, 60% think it will have a predominantly negative impact on the economy. This survey, conducted by Public Opinion Strategies, involved 1,000 randomly selected US voters and aimed to gauge public sentiment on cryptocurrency and artificial intelligence as these issues make their way through Congress, federal regulators, and political campaigns ahead of the 2026 midterm elections. The perception that banks are safer than cryptocurrency comes at a critical time for the industry, as lobbyists are engaged in a battle with the banking sector over the Digital Asset Market Clarity Act, a crucial policy for the cryptocurrency sector. The bill has been stalled for months due to the banking industry's argument that stablecoin rewards could compete with their interest-bearing deposit accounts and potentially strangle US lending. Despite the public's distrust, cryptocurrency has made significant strides in a short period, becoming an integral part of the US financial landscape and culture. Approximately one in four people, 27%, have invested in cryptocurrency, although most of them invested several years ago, and only 2% have more than $10,000 in digital assets. The information the public consumes about the industry does not seem to be improving their perception, with over half, 53%, having a less favorable view of the industry due to recent news coverage. When thinking about cryptocurrency, those who like it are drawn to its potential for profitability, while those who distrust it are concerned about the scams associated with the sector. About 46% of people have no involvement with cryptocurrency and do not wish to, leaving 27% who have not yet invested but might be open to it. The negative views are more prevalent among people older than 45, with a significant increase in distrust as age increases. Males, Republicans, and minority groups have the most consistent affinity for cryptocurrency, according to the data. The survey also found that, like cryptocurrency, artificial intelligence is met with distrust, particularly among older respondents, while younger people's views are more mixed. Overall, 55% believe that the risks of artificial intelligence outweigh its benefits. However, younger demographics, males, and Republicans are more likely to support the advancements in artificial intelligence, just as they do in digital assets. Additionally, owners of cryptocurrency are more likely to support the benefits of artificial intelligence, with 64% saying its pursuit is worth the risks. While corporate America has widely adopted artificial intelligence in various aspects of business, the new data on public perceptions reveals a negative perception gap that emerging technologies must overcome to achieve mass acceptance. The cryptocurrency industry has pinned its hopes on eventual inclusion in the US financial regulatory system to gain wider acceptance and provide comfort to those who are hesitant due to concerns about oversight. However, this process is contingent upon a sharply divided Congress and the slow timeline of federal regulators like the Securities and Exchange Commission. Despite these challenges, key regulators appointed by President Donald Trump have pledged to move swiftly to bring digital assets into the mainstream. Key senators have also suggested that the Clarity Act will finally receive the necessary hearing in May, potentially paving the way for its passage in 2026. CoinDesk will release more data from this survey at Consensus Miami on Tuesday.