Banks Remain the Preferred Choice for Americans Over Cryptocurrency, Survey Finds

The cryptocurrency movement, initially a response to the banking system's flaws during the 2008 financial crisis, has failed to gain widespread public acceptance despite its nearly two-decade existence and significant attention. According to a recent survey commissioned by CoinDesk, the traditional financial system is still the preferred choice for financial access among Americans. When asked to choose between banks and cryptocurrency for financial inclusion, 65% of respondents opted for banks, while only 5% favored cryptocurrency. Although over half of the respondents (52%) believe cryptocurrency is more than a fleeting trend, 60% think it will have a predominantly negative impact on the economy. The survey, conducted by research firm Public Opinion Strategies, polled 1,000 randomly selected U.S. voters and aimed to capture public sentiment as cryptocurrency and artificial intelligence issues are being debated in Congress, federal regulatory bodies, and political campaigns ahead of the 2026 midterm elections. This sense of banks being safer than cryptocurrency comes at a critical time for the industry, as lobbyists are locked in a battle with the banking industry over the crypto sector's key policy goal: the Senate's Digital Asset Market Clarity Act. The banking industry has argued that stablecoin rewards could directly compete with their interest-bearing deposit accounts, potentially threatening U.S. lending. So far, this argument has stalled the Clarity Act for months, although recent signs suggest the bill may start moving forward in the coming days. Despite public distrust, cryptocurrency has made significant strides in a short time, becoming a part of the financial life and culture in the U.S. Approximately one in four people (27%) 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 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 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 prevalent among people older than 45, with a significant increase in distrust as age increases. Males, Republicans, and minority groups tend to have a more consistent affinity for cryptocurrency, according to the data. The survey also explored views on artificial intelligence, which, like cryptocurrency, is met with distrust from 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 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 must overcome to achieve mass acceptance. The cryptocurrency industry has pinned its hopes on eventual inclusion in the U.S. system of financial regulation to gain wider acceptance and comfort for those who worry 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 crypto-supporting President Donald Trump have pledged to move quickly to bring digital assets into the mainstream. Additionally, key senators have suggested that the Clarity Act will finally receive the necessary hearing in May, potentially making it viable for passage in 2026. CoinDesk will release more data from this survey on Tuesday at Consensus Miami.