Survey Finds Americans Prefer Traditional Banks to Cryptocurrency for Financial Transactions

The concept of cryptocurrency was born out of the financial crisis of 2008 as an alternative to traditional banking, but nearly two decades later, it has yet to gain the trust of the general public, who still prefer the traditional financial system for their financial needs, according to a recent survey commissioned by CoinDesk. When respondents were asked to choose between banks and cryptocurrency for financial inclusion, 65% opted for banks, while only 5% favored 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 predominantly negative impact on the economy. These findings are based on a survey of 1,000 randomly selected U.S. voters conducted by Public Opinion Strategies, aiming to capture the current sentiment on cryptocurrency and artificial intelligence as these issues make their way through Congress, federal regulatory bodies, and political campaigns leading up to the midterm elections. This article is part of a series by CoinDesk exploring voters' views on the 2026 midterm election. The perception that banks are safer than cryptocurrency comes at a critical time for the industry, as lobbyists for cryptocurrency have been at odds with the banking industry over the Digital Asset Market Clarity Act, a key policy initiative for the cryptocurrency sector. The banking industry has argued that rewards from stablecoins could directly compete with their interest-bearing deposit accounts, potentially threatening U.S. lending. This argument has stalled the Clarity Act for months, although recent indications suggest the bill may start moving forward again. Despite the public's 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, though the majority of these investments were made 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%, forming a less favorable view 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 are open to the possibility. Negative views of cryptocurrency are more commonly held by individuals older than 45, with a significant increase in distrust as age increases. Males, Republicans, and minority groups are among those with the most consistent affinity for cryptocurrency, according to the data. Similar to cryptocurrency, artificial intelligence also faces significant distrust from older respondents, while younger individuals hold mixed views. Overall, 55% believe that the risks associated with AI technology outweigh its benefits. However, younger demographics, males, and Republicans are more likely to support advancements in AI, similar to their views on digital assets. Additionally, owners of cryptocurrency are more likely to support the benefits of AI, with 64% believing 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 highlights the negative perception gap that emerging technologies must overcome to achieve widespread acceptance. The cryptocurrency industry has pinned its hopes on eventual inclusion in the U.S. financial regulatory system to gain broader acceptance and provide comfort to those who are hesitant due to concerns about oversight. However, this process is contingent upon a sharply divided Congress and the slow timeline of federal regulators like the Securities and Exchange Commission. Despite these challenges, key regulators appointed by President Donald Trump, who has expressed support for cryptocurrency, have pledged to move as quickly as possible to integrate 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 is set to release data from this survey at Consensus Miami on Tuesday.