US Voters Prefer Traditional Banks Over Cryptocurrency for Financial Transactions, Survey Reveals

The cryptocurrency market, born out of the 2008 financial crisis as an alternative to traditional banking, has failed to gain the trust of the general public, who still prefer the conventional financial system for their monetary needs, 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% chose cryptocurrency. Although over 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. The survey, conducted by Public Opinion Strategies, polled 1,000 randomly selected US voters to gauge public sentiment on cryptocurrency and artificial intelligence as these issues make their way through Congress, federal regulators, and political campaigns. The perception that banks are safer than cryptocurrency comes at a critical time for the industry, as lobbyists for the cryptocurrency sector are engaged in a battle with the banking industry over the Digital Asset Market Clarity Act, a key policy initiative for the cryptocurrency sector. The bill has been stalled for months due to opposition from the banking industry, which argues that stablecoin rewards could compete with their interest-bearing deposit accounts and pose a threat to US lending. Despite this, the cryptocurrency industry has made significant progress in a short period, with about one in four people, 27%, investing in cryptocurrency, although most of them invested several years ago, and only 2% have more than $10,000 in digital assets. The public's perception of the industry does not seem to be improving, with over half, 53%, having a less favorable view of the industry based on recent news coverage. Those who view cryptocurrency positively 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 want to, leaving 27% who have not yet invested but may be open to it. Negative views of cryptocurrency are more common among people over 45, with a significant increase in distrust among older age groups. Males, Republicans, and minority groups are more likely to have a positive affinity for cryptocurrency, according to the data. The survey also found that, like cryptocurrency, artificial intelligence is viewed with distrust by older respondents, although younger people's views are more mixed. Overall, 55% of respondents think the risks of AI technology outweigh its benefits, but younger demographics, males, and Republicans are more likely to support the advances. Owners of cryptocurrency are also more likely to support the benefits of AI, with 64% saying its pursuit is worth the risks. While the corporate sector in the US has widely adopted AI, the survey reveals a negative perception gap that emerging technologies may need to overcome to achieve mass acceptance. The cryptocurrency industry is pinning its hopes on eventual inclusion in the US financial regulatory system to gain wider acceptance and provide comfort to those who are concerned about its oversight. However, this process depends on a sharply divided Congress and the slow timeline of federal regulators like the Securities and Exchange Commission. Key regulators appointed by President Donald Trump have pledged to move quickly to bring digital assets into the mainstream, and key senators have suggested that the Clarity Act will finally get the hearing it needs in May, potentially paving the way for its passage in 2026.