Survey Reveals Americans Prefer Traditional Banks Over Cryptocurrency for Financial Transactions

The concept of cryptocurrency was initially introduced as a response to the banking system's shortcomings during the 2008 financial crisis. However, nearly two decades later, the general public remains unconvinced of its benefits and continues to favor traditional banking systems for financial access, according to a recent survey conducted by CoinDesk. When respondents were asked to choose between banks and cryptocurrency for financial inclusion, 65% 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 US voters conducted by research firm Public Opinion Strategies. The survey aims to provide insight into public opinion on cryptocurrency and artificial intelligence as these issues are being debated in Congress, by federal regulators, and during 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 time for the industry, as lobbyists are engaged in a battle 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 the US lending system. So far, this argument has stalled the Clarity Act for months, although recent indications suggest the bill may start moving forward again in the coming days. Despite the public's distrust, cryptocurrency has made significant progress in a short period, becoming an integral part of the US financial landscape and culture. 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 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 may be open to it. Negative views of cryptocurrency are more prevalent among people over 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 examined 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 that the risks of AI technology outweigh its benefits. However, younger demographics, males, and Republicans are more likely to support the advancements, as they do with digital assets. Additionally, owners of cryptocurrency 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 may need to overcome for mass acceptance. The cryptocurrency industry has pinned 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 slow 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 suggested that the Clarity Act will finally 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.