Survey Shows Americans Still Favor Traditional Banks Over Cryptocurrency for Financial Access

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 systems. However, despite nearly two decades of development and widespread attention, the general public remains unconvinced of its benefits and continues to prefer traditional banks for their financial needs, according to a survey commissioned by CoinDesk. When asked to choose between banks and cryptocurrency for financial inclusion, 65% of respondents opted for banks, while only 5% preferred 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. These findings are based on a survey of 1,000 randomly selected U.S. voters conducted by Public Opinion Strategies, aiming to gauge public sentiment as cryptocurrency and artificial intelligence issues are being debated in Congress, federal regulatory bodies, and political campaigns leading up to the 2026 midterm elections. This article is part of a CoinDesk series examining voters' perspectives on the 2026 midterm election. The perception that banks are safer than cryptocurrency comes at a critical juncture for the industry, as lobbyists are engaged in a heated battle with the banking sector over the Digital Asset Market Clarity Act, a key policy initiative for the cryptocurrency sector. Banks have argued that rewards from stablecoins could compete directly with their interest-bearing deposit accounts, potentially threatening the U.S. lending system. So far, their argument has stalled the Clarity Act for months, although recent indications suggest the bill may begin moving forward in the coming days. Despite public distrust, cryptocurrency has made significant strides in a relatively short period, becoming an integral part of the financial landscape and culture in the U.S. Approximately one in four people (27%) claim to have invested in cryptocurrency, although most did so at least a few years ago, and only 2% have more than $10,000 in digital assets. The information the public is receiving about the industry does not appear to be improving their perception, with over half (53%) forming a less favorable impression of the industry based on recent news coverage. When considering cryptocurrency, those who view it positively focus on 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 wish to, leaving 27% who have not yet invested but might be open to it. Negative views are most prevalent among individuals 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. Regarding artificial intelligence, similar to cryptocurrency, it also faces significant distrust from older respondents, while younger individuals have mixed views. Overall, 55% believe 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 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 significant gap in acceptance 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 pace of federal regulators like the Securities and Exchange Commission. Nevertheless, key regulators appointed by President Donald Trump, who is supportive of cryptocurrency, have pledged to move as quickly as possible to bring digital assets into the mainstream. Key senators have also 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.