US Voters Prefer Traditional Banking to Cryptocurrency for Financial Access

The concept of cryptocurrency was initially introduced as a response to the shortcomings of the banking system during the 2008 financial crisis. However, despite being in existence for nearly two decades and gaining significant attention, the general public still favors traditional banking systems for their financial needs, according to a recent survey conducted 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 fleeting trend, 60% think it will have a largely negative impact on the economy. The survey, which polled 1,000 randomly selected US voters, aimed to gauge public sentiment on cryptocurrency and artificial intelligence as these issues make their way through Congress, federal regulators, and political campaigns ahead of the 2026 midterm elections. The perception that banks are safer than cryptocurrency comes at a critical time for the industry, with lobbyists fighting against the banking industry over the Digital Asset Market Clarity Act. Despite some public distrust, cryptocurrency has made significant strides in a short period, becoming a part of the financial life and culture in the US. Approximately one in four people have invested in cryptocurrency, with 27% of respondents indicating they have done so, although most of them invested several years ago, and only 2% have more than $10,000 in digital assets. The information consumed by the public does not seem to be improving their view of the industry, 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 of cryptocurrency are more common 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. Similar to cryptocurrency, artificial intelligence also faces significant distrust from older respondents, although younger people's views are more mixed. Overall, 55% of respondents 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 do 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 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 US system of financial regulation 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 slow timeline of federal regulators like the Securities and Exchange Commission. Despite these challenges, key regulators appointed by crypto-supporting 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 finally receive the necessary hearing in May, keeping it potentially viable for passage in 2026. CoinDesk will release more data from this survey on Tuesday at Consensus Miami.