Survey Reveals Americans Prefer Traditional Banking Over Cryptocurrency for Financial Access

The 2008 financial crisis sparked the creation of cryptocurrency as an alternative to traditional banking, but despite its nearly two-decade existence and widespread attention, the public still favors the conventional financial system for accessing financial services, according to a new survey commissioned 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%) agree that cryptocurrency is more than a fleeting trend, 60% believe it will have a predominantly negative impact on the economy. This survey, conducted by research firm Public Opinion Strategies, polled 1,000 randomly selected U.S. voters to gauge public sentiment on cryptocurrency and artificial intelligence issues as they 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, as lobbyists have been locked in a battle with the banking industry over the crypto sector's key policy goal: the Senate's Digital Asset Market Clarity Act. Banks have argued 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 signs suggest the bill may start moving again in the coming days. Despite public distrust, cryptocurrency has made significant strides in a short period, integrating itself into the financial lives and culture of the U.S. Approximately one in four people (27%) report having invested in cryptocurrency, although most of them did so at least a few years ago, and only 2% claim to 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 more than half (53%) forming a less favorable impression of the industry based on recent news coverage. When considering cryptocurrency, those who view it favorably 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 may be open to it. Negative views are more likely to be held by people over 45, with a significant increase in distrust among older respondents. Males, Republicans, and minority groups exhibit the most consistent affinity for cryptocurrency, according to the data. The survey also explored public perceptions of artificial intelligence, revealing a similar pattern of distrust among older respondents. Overall, 55% of respondents 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 that its pursuit is worth the risks. While corporate America has widely adopted AI in various business aspects, the new data on public perceptions highlights the 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 comfort for those who worry about its oversight. However, this process depends on a sharply divided Congress and the slow timeline of federal regulators like the Securities and Exchange Commission. Key regulators appointed by crypto-supporting President Donald Trump have pledged to move quickly to bring digital assets into the mainstream. Furthermore, 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 survey data on Tuesday at Consensus Miami.