Survey Reveals Americans Prefer Traditional Banking Over Cryptocurrency for Financial Transactions

The concept of cryptocurrency emerged as a response to the financial crisis of 2008, yet despite its nearly two-decade existence and widespread attention, the general public still favors traditional banking for financial access, according to a recent survey commissioned by CoinDesk. When asked to choose between banks and cryptocurrency for financial inclusion, 65% of respondents opted for banks, while only 5% preferred cryptocurrency. Although over half of the respondents, 52%, believe that cryptocurrency is more than a fleeting trend, 60% think it will have a predominantly negative impact on the economy. These findings are based on a survey of 1,000 randomly selected U.S. voters conducted by research firm Public Opinion Strategies. The survey aims to capture public sentiment as cryptocurrency and artificial intelligence issues are being debated in Congress, federal regulatory bodies, and political campaigns leading up to the 2026 midterm elections. This article is part of a CoinDesk series examining voters' views on the 2026 midterm election. The perception that banks are safer than cryptocurrency comes at a critical time for the industry, as lobbyists have been at odds with the banking industry over the crypto sector's key policy goal: the Senate's Digital Asset Market Clarity Act. Banks have argued that stablecoin rewards could directly compete with their interest-bearing deposit accounts, potentially threatening U.S. lending. So far, their argument has stalled the Clarity Act for months, although recent signs suggest the bill may start moving forward in the coming days. Despite some public distrust, cryptocurrency has made significant progress in a short time, becoming a part of the financial life and culture in the U.S. Approximately one in four people claim to have invested in cryptocurrency, although most of them did so at least a few years ago, and only 2% have more than $10,000 in digital assets. The information the public is consuming about the industry does not seem to be improving their view, with over half, 53%, having a less favorable impression 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 focus on the scams associated with the sector. About 46% of people have no involvement with cryptocurrency and do not want to, leaving 27% who have not yet invested but might be open to it. Negative views are more likely to be held by people older than 45, with a significant increase in distrust among older age groups. Males, Republicans, and minority groups have the most consistent affinity for cryptocurrency, according to the data. The AI Question, like cryptocurrency, also receives a significant amount of distrust from older respondents, although younger people's views are mixed. Overall, 55% believe the risks of AI technology outweigh its benefits. However, younger demographics, males, and Republicans are more likely to support the advances, as they do with digital assets. Additionally, cryptocurrency owners are more likely to support the benefits of AI, with 64% stating its pursuit is worth the risks. While corporate America has widely adopted AI in various aspects of business, the new data on public perceptions reveals a negative perception gap that emerging technologies may need to overcome for widespread acceptance. The cryptocurrency industry has pinned its hopes on eventual inclusion in the U.S. system of financial regulation to gain wider acceptance and provide comfort to those who worry about its oversight. However, this process depends on a sharply divided Congress and the timeline of federal regulators like the Securities and Exchange Commission. Key regulators appointed by crypto-supporting President Donald Trump have pledged to move as quickly as possible to bring digital assets into the mainstream. Key senators have suggested the Clarity Act will finally receive the necessary hearing in May, keeping it potentially viable for passage in 2026. CoinDesk will release data from this survey on Tuesday at Consensus Miami.