More Americans than ever have experimented with cryptocurrency, yet the number of active participants has effectively stalled, revealing a complex landscape of rising curiosity and enduring hesitation.
According to a comprehensive national survey conducted by Ipsos for the DeFi Education Fund, a prominent crypto policy advocacy group, approximately 22% of U.S. adults now report that they have ever owned or used cryptocurrency. This figure marks an increase from 18% in 2025. However, despite this broader base of historical adoption, the share of the population that has actively utilized crypto within the past 12 months held flat at 13%.
The marginal growth in overall adoption came almost entirely from individuals who have previously stepped away from the asset class. Among Americans who reported not using crypto over the past year, the share of those who had ever owned or used it in their lifetime more than doubled, climbing from 5% to 11%. Meanwhile, future intentions to buy remain largely unchanged, with 17% of respondents indicating they are likely to own or use crypto moving forward, compared to 16% in the previous year’s polling.
Demographic divides within the cryptocurrency ecosystem remain prominent. Men proved to be more than twice as likely as women to have utilized crypto in the past year, registering at 18% versus 8%. Furthermore, adults under the age of 60 demonstrated a significantly higher propensity for engagement compared to older demographics. When examining the motivations driving people to enter the market, simple curiosity emerged as the leading catalyst, cited by 34% of past and present owners. This was followed closely by long-term investment strategies, which motivated 25% of respondents.
The survey gathered responses from 1,545 U.S. adults between September 8 and September 16, utilizing Ipsos’ KnowledgePanel—the exact probability-based polling mechanism relied upon by the Federal Reserve for its annual assessments of household finances. The findings carry a margin of error of plus or minus 2.8 percentage points.
Beyond digital assets, the research uncovered widespread and profound unease regarding the traditional financial system. Only 19% of Americans described the conventional banking framework as secure, while a striking 63% asserted that the system requires a major structural upgrade to successfully combat escalating threats such as cybercrime and artificial intelligence-driven attacks. Six in ten respondents expressed anxiety regarding potential data breaches at major financial institutions, and 54% openly doubted whether these institutions possess the readiness needed to safeguard personal consumer information from advanced technological threats. Overall, financial privacy remains a high priority for 74% of the surveyed population.
Yet, this pervasive skepticism toward traditional banking has not seamlessly translated into blind trust for the digital asset industry. Merely 4% of participants reported holding high trust in cryptocurrency exchanges, while only 5% expressed similar confidence in decentralized platforms. By comparison, large national banks commanded a 42% trust rating, though credit unions led the sector at 48%, despite experiencing a five-point drop from the previous year.
Security apprehensions extend well beyond institutional banking channels. High-profile incidents continue to rattle confidence across the digital asset space. Recently, hardware wallet manufacturer Ledger stated that all confirmed cases stemming from a suspected $87 million security drain were tied specifically to devices sold by a third-party reseller operating in Southeast Asia. Compounding these technical concerns, Ethereum Foundation researcher Justin Drake recently issued public warnings suggesting that rapid advancements in artificial intelligence could potentially break the complex cryptography securing foundational networks like Bitcoin and Ethereum much sooner than previously anticipated.
Compounding these structural hurdles is a persistent knowledge gap regarding the mechanics of decentralized finance. The survey revealed that only 2% of Americans are very familiar with DeFi, the shorthand term for crypto-native financial applications that allow users to borrow, lend, and trade digital assets without relying on traditional intermediaries.
When tested on basic definitions, a mere 6% of respondents could accurately identify all four characteristics of cryptocurrency outlined in the survey, while 35% admitted they were entirely unsure how to describe the asset class. Despite this unfamiliarity, a notable 40% stated they would be at least somewhat inclined to try DeFi applications if accessibility improved. Among this interested subgroup, more than 80% indicated they would utilize decentralized financial tools primarily to save money, earn interest, or transfer funds to family and friends.
At the same time, broader enthusiasm for educational engagement appears to be cooling. The proportion of Americans expressing a desire to learn more about stablecoins dropped from 11% to 7%, while those interested in understanding DeFi similarly declined from 11% to 8%. This dip in educational curiosity persists even in the wake of significant legislative milestones, such as the passage of the GENIUS Act, which established formal federal rules governing stablecoins within the United States economy.
Decentralized Applications (dApps)
Decentralized Applications (dApps)
Decentralized Applications (dApps)
