Survey Reveals Americans Prefer Traditional Banks Over Cryptocurrency for Financial Transactions

The concept of cryptocurrency emerged as a response to the financial crisis of 2008, highlighting the shortcomings of traditional banking systems. However, despite its nearly two-decade existence and widespread attention, the general public remains unconvinced of its benefits and continues to favor conventional financial systems for access to financial services, 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 a slight majority (52%) believes that cryptocurrency is more than a fleeting trend, 60% think it will have a largely 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 issues related to cryptocurrency and artificial intelligence navigate Congress, federal regulators, and political campaigns ahead of the 2026 midterm elections. This article is part of a CoinDesk series examining voters' perspectives on the 2026 midterm election. The perception that banks are safer than cryptocurrency comes at a critical time for the industry, as lobbyists are engaged in a debate with the banking sector over the Digital Asset Market Clarity Act, a key policy initiative for the cryptocurrency sector. Banks argue that stablecoin rewards could directly compete with their interest-bearing deposit accounts, potentially strangling U.S. lending. Their argument has stalled the Clarity Act for months, although recent indications suggest the bill may progress in the coming days. Despite public distrust, cryptocurrency has made significant strides in a short period, integrating itself into the financial landscape and culture of the U.S. Approximately one in four people (27%) report having invested in cryptocurrency, although most of these investments were made at least a few years ago, and only 2% claim to have more than $10,000 in digital assets. The information the public is consuming about the industry does not appear to be improving their perception, with over half (53%) forming a less favorable impression based on recent news coverage. When considering cryptocurrency, those who view it positively are drawn to its potential for profitability, while those who are distrustful focus on the scams associated with the sector. About 46% of people have no involvement with cryptocurrency and express no desire to engage with it, leaving 27% who have not yet invested but might be open to it. Negative views are most prevalent among individuals older than 45, with a significant increase in distrust among older age groups. Males, Republicans, and minority groups exhibit the most consistent affinity for cryptocurrency, according to the data. Similarly, AI technology faces significant distrust from older respondents, while younger demographics hold mixed views. Overall, 55% believe that the risks of AI technology outweigh its benefits. However, younger demographics, males, and Republicans are more likely to support AI advancements, as they are with digital assets. Additionally, cryptocurrency owners are more likely to support the benefits of AI, with 64% stating that its pursuit is worth the risks. While corporate America has widely adopted AI in various business aspects, 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 U.S. financial regulatory system to gain wider acceptance and comfort for 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. Regulators appointed by crypto-supporting President Donald Trump have pledged to move quickly to bring digital assets into the mainstream. Key senators have suggested that the Clarity Act will receive the necessary hearing in May, keeping it viable for passage in 2026. CoinDesk will release survey data on Tuesday at Consensus Miami.