Traditional Banking Remains the Preferred Choice for Financial Access in the US, CoinDesk Survey Reveals

The concept of cryptocurrency was initially introduced as a response to the financial crisis of 2008, highlighting the need for an alternative to traditional banking. However, despite its existence for nearly two decades and widespread attention, the general public still favors the conventional financial system for their financial needs, according to a recent survey commissioned by CoinDesk. When asked to choose between banks and cryptocurrency for financial inclusion, 65% of respondents preferred banks, while only 5% opted for cryptocurrency. Although more than half of the respondents (52%) believe that cryptocurrency is more than just a passing 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 US voters conducted by Public Opinion Strategies, aiming to capture the current sentiment on cryptocurrency and artificial intelligence as these issues are being addressed in Congress, federal regulatory bodies, and ongoing political campaigns. This article is part of a CoinDesk series examining voters' perspectives on 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 dispute with the banking sector over the Digital Asset Market Clarity Act, a key policy initiative for the cryptocurrency sector. Banks have argued that stablecoin rewards could directly compete with their interest-bearing deposit accounts, potentially threatening US lending. So far, this argument has stalled the Clarity Act for months, although recent indications suggest the bill may start moving forward again soon. Despite public distrust, cryptocurrency has made significant progress in a short period, integrating itself into the financial life and culture of the US. Approximately one in four people (27%) claim to have invested in cryptocurrency, although most of these investments were made at least a few 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%) reporting a less favorable impression of the industry based on recent news coverage. When considering cryptocurrency, those who are in favor tend to focus on its potential for profitability, while those who are distrustful are more 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. Negative views are more commonly held by people over 45, with a significant increase in distrust among older age groups. Males, Republicans, and minority groups tend to have a more consistent affinity for cryptocurrency, according to the data. The survey also explored public perceptions of artificial intelligence, which, like cryptocurrency, is viewed with distrust by older respondents, while younger people's views are more mixed. Overall, 55% believe the risks of AI technology outweigh its benefits. However, younger demographics, males, and Republicans are more likely to support AI advancements, similar to their views on 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 US corporations have widely adopted AI in their business operations, the new data on public perceptions highlights the negative perception gap that emerging technologies must 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 hesitant due to concerns about oversight. However, this process depends on a sharply divided Congress and the timeline of federal regulators like the Securities and Exchange Commission. Despite these challenges, key regulators appointed by President Donald Trump have pledged to move quickly to bring digital assets into the mainstream. Key senators have also suggested that the Clarity Act will receive the necessary hearing in May, potentially making it viable for passage in 2026. CoinDesk will release additional data from this survey on Tuesday at Consensus Miami.