U.S. cryptocurrency adoption has climbed to its highest level in three years, with a growing share of adults using digital assets primarily as investments rather than for everyday payments, according to a new Federal Reserve report.
Summary
- About 10% of U.S. adults used or invested in cryptocurrency in 2025, according to a new Federal Reserve report.
- Federal Reserve data showed crypto activity remained heavily concentrated in investments rather than everyday payments.
According to the Federal Reserve’s latest report on the economic well-being of U.S. households, about 10% of American adults said they used or invested in cryptocurrency in 2025, up from the levels recorded in 2023 and 2024. Even so, adoption remained below the 12% peak reported during the 2021 crypto market boom.
Most respondents who interacted with crypto said they treated it as an investment product. Fed data showed that 9% of adults used cryptocurrency for investment purposes, while only 2% reported using it for payments, and 1% used it to send money to family or friends.
Payment companies and Bitcoin-focused firms have continued pushing digital assets into commerce despite the relatively low transaction figures. Block, the payments company led by Jack Dorsey, has enabled Bitcoin and stablecoin payments for more than 800,000 merchants across the U.S. Separately, Lightspark, the Bitcoin Lightning Network startup founded by former PayPal President David Marcus, has been working to expand Bitcoin payment infrastructure.
Still, the Federal Reserve’s findings suggest most Americans continue to view crypto as a speculative or long-term financial asset rather than a substitute for traditional payment rails.
Unbanked users reported higher crypto transaction use
Among unbanked Americans, crypto transaction activity appeared noticeably higher. The Fed report stated that 6% of unbanked adults used cryptocurrency for transactions in 2025, compared with 2% of banked adults. The central bank estimated that roughly 6% of Americans remained unbanked during the year.
Within the group that used crypto for payments, more than one-quarter said the business receiving the payment preferred digital assets. Respondents cited faster transfers, lower transaction costs, and privacy as the main reasons for using crypto in those payments.
Far fewer respondents associated crypto payments with distrust in the banking system. Less than 10% of payment users said businesses preferred crypto because it was considered safer than banks or because of concerns around traditional financial institutions.
At the same time, separate polling from POLITICO and research firm Public First suggested that crypto policy has not become a major political issue for most American voters, despite increasing activity in Washington around digital asset legislation.
The survey found that only 4% of Americans said a political candidate’s stance on cryptocurrency would influence their vote in an upcoming election. Support for government action to legitimise crypto as a mainstream financial asset also remained mixed, with 27% supporting such measures, 31% opposing them, and 42% saying they were neutral or unsure.
Even among respondents who had previously bought or sold cryptocurrency, just 7% said crypto policy would influence their voting decisions, according to the poll.
Traditional banks also continued to command more public trust than crypto platforms. Polling data showed that 47% of respondents said they would trust a bank with their money over a crypto platform, while only 9% preferred crypto platforms.
Institutional interest continues despite regulatory concerns
Institutional sentiment toward digital assets has remained comparatively strong this year, even as regulators continue debating market structure rules and stablecoin oversight.
Back in March, a joint survey conducted by Coinbase and EY-Parthenon found that 74% of institutional investors expected cryptocurrency prices to rise, while 73% planned to increase their digital asset allocations before the end of 2026.
The Coinbase and EY-Parthenon report, which surveyed 351 institutional investors globally, also found that regulated products such as exchange-traded products had become the preferred crypto exposure route for roughly two-thirds of respondents.
At the regulatory level, the Federal Reserve has largely maintained a cautious approach toward digital assets during Jerome Powell’s tenure as chair.
Attention has now turned to Kevin Warsh, who is set to replace Powell following Senate approval, according to the provided information. Warsh, a former Federal Reserve governor who served between 2006 and 2011, has previously compared Bitcoin to gold for younger investors and said the asset could help impose market discipline.
