Survey Reveals Americans Prefer Traditional Banking Over Cryptocurrency for Financial Transactions

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 its widespread recognition and nearly two decades of existence, the general public remains skeptical, opting to rely on conventional financial institutions for their monetary needs, according to a recent survey commissioned by CoinDesk. When respondents were asked to choose between banks and cryptocurrency in terms of trust for financial inclusion, a significant 65% favored banks, while only 5% preferred cryptocurrency. Although a slight majority, 52%, acknowledge that cryptocurrency is more than a fleeting trend, 60% believe 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 a snapshot of public sentiment as cryptocurrency and artificial intelligence issues are being debated in Congress, federal regulatory bodies, and political campaigns leading up to the 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 dispute with the banking sector over the Digital Asset Market Clarity Act, a key policy initiative for the cryptocurrency sector. Banks argue 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 indications suggest the bill may begin moving forward in the coming days. Despite public 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 individuals claim to have invested in cryptocurrency, with most having done so at least a few years ago, and only 2% reporting holdings exceeding $10,000 in digital assets. The information available to the public appears to have had a limited impact on improving their perception of the industry, with over half, 53%, forming a less favorable impression based on recent news coverage. When considering cryptocurrency, those who view it positively tend to focus on its potential for profitability, while those who are skeptical highlight the scams associated with the sector. About 46% of individuals have no involvement with cryptocurrency and express no desire to engage with it, leaving 27% who have not yet invested but may be open to it. Negative views are more prevalent among individuals older than 45, with a notable increase in distrust among older age groups. Males, Republicans, and minority groups exhibit the most consistent affinity for cryptocurrency, according to the data. Regarding artificial intelligence, similar to cryptocurrency, it faces significant distrust from older respondents, while younger individuals hold more 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, a trend also observed in 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. financial regulatory system to gain wider 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 timeline of federal regulators like the Securities and Exchange Commission. Nevertheless, key regulators appointed by President Donald Trump, who has expressed support for cryptocurrency, have pledged to expedite the process of bringing digital assets into the mainstream. Furthermore, key senators have suggested that the Clarity Act will receive the necessary hearing in May, potentially keeping it viable for passage in 2026. CoinDesk will release additional survey data on Tuesday at Consensus Miami.