18M Americans Used or Owned Crypto in 2025 — Fed Survey Reveals Decline

The cryptocurrency landscape is ever-evolving, a digital frontier constantly reshaped by innovation, regulation, and shifting public sentiment. While headlines often trumpet groundbreaking advancements and soaring valuations, it’s crucial to ground these narratives in empirical data. The latest annual household survey from the Federal Reserve provides a sobering snapshot of crypto adoption in the United States, revealing that approximately 18 million American adults used or owned cryptocurrency in 2025. This figure, while substantial, represents a notable decline from previous years, signaling a potential cooling of enthusiasm for digital assets among the general populace. The survey, which polled 11,488 U.S. adults, paints a picture of nuanced engagement, highlighting not just overall ownership, but also the specific ways in which Americans are interacting with crypto, from investment to transactional use. This article delves into the key findings of the Fed's survey, exploring the demographic trends, underlying reasons for the decline, and the broader implications for the future of cryptocurrency in the U.S. market. We'll also examine potential reasons behind this shift and explore what it might mean for the future of crypto adoption. Are we witnessing a temporary dip or a more fundamental shift in sentiment? Let's explore.

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Key Findings of the Federal Reserve Crypto Survey

The Federal Reserve's Survey of Household Economics and Decisionmaking (SHED), published on May 21, 2026, offers valuable insights into the state of cryptocurrency adoption in the United States. Let's break down the most important takeaways:

18M Americans used or owned crypto in 2025 Fed survey - Cointelegraph: The percentage of U.S adults using crypto in 2025 was 7%, a drop from 10% in 2025, according to the Federal Reserve's

• Overall Usage Decline: Only 7% of U.S. adults reported using cryptocurrency in the 12 months leading up to the survey (October 20 - November 5, 2025). This is a decrease from 10% in 2024.
• Number of Users: Approximately 18 million American adults used or owned crypto in 2025.
• Limited Transactional Use: Just 2% of users employed crypto for making purchases, and only 1% used it to send money to family or friends.

These figures suggest that while a significant number of Americans have some exposure to cryptocurrency, its practical application in everyday transactions remains limited. The decline in overall usage indicates a potential shift in perception, warranting a closer look at the factors driving this trend.

For the 1% that used crypto for a financial transaction, nearly 30% said it was because the receiving person or firm preferred crypto. The least cited reason was a lack of trust in banks. The ability to send funds faster and privacy concerns were the next-most cited reasons for the 1% that used crypto to transact. Source: Federal Reserve

Demographic Trends in Crypto Adoption

The Fed survey also shed light on the demographic characteristics of crypto users. Understanding these trends can help identify the segments of the population most likely to adopt and utilize cryptocurrencies.

• Income: Higher crypto usage is observed among individuals with incomes exceeding $100,000 per year. This suggests that financial resources play a role in the ability and willingness to invest in and use crypto.
• Age: Millennials are more likely to be involved with cryptocurrency compared to older generations. This aligns with the general trend of younger demographics being more receptive to new technologies.
• Gender: Men are more likely to use cryptocurrency than women. This gender gap is a common phenomenon in the tech and finance sectors.
• Race/Ethnicity: Minorities show a higher propensity for crypto usage compared to the national average.

These demographic insights highlight the importance of tailoring educational efforts and marketing strategies to specific groups. Addressing the concerns and needs of different demographics can help foster broader and more inclusive crypto adoption.

Reasons Behind the Decline in Crypto Usage

Several factors could contribute to the observed decline in crypto usage. Let's examine some of the most plausible explanations:

• Market Volatility: The inherent volatility of the cryptocurrency market can deter risk-averse individuals. Fluctuations in value can lead to losses, making some hesitant to invest or use crypto for transactions.
• Regulatory Uncertainty: The lack of clear and consistent regulatory frameworks surrounding cryptocurrency creates uncertainty and potential risks. Ambiguous legal status can discourage adoption.
• Security Concerns: Stories of hacks, scams, and fraudulent activities in the crypto space raise concerns about security and trustworthiness. Protecting digital assets from theft or loss is a significant challenge.
• Complexity and Usability: The technical complexity of cryptocurrency can be a barrier to entry for many. Understanding wallets, private keys, and blockchain technology requires effort and can be intimidating.
• Broader Economic Conditions: During times of economic uncertainty, people may be less willing to invest in speculative assets like cryptocurrencies, preferring more stable investments.
• Negative Media Coverage: Increased media attention on crypto scams, failures, and regulatory crackdowns could have negatively impacted public perception and driven down usage.

It's likely that a combination of these factors is responsible for the decline in crypto usage observed in the Fed's survey. Addressing these challenges is crucial for fostering wider adoption and building trust in the digital asset ecosystem.

The Limited Use of Crypto for Payments and Transfers

One of the most striking findings of the survey is the limited use of cryptocurrency for transactional purposes. Only 1% of U.S. adults reported using crypto for payments or to send money in 2025. This contrasts with the initial vision of crypto as a decentralized and efficient alternative to traditional payment systems.

Several reasons contribute to this limited adoption:

• Lack of Acceptance: Many businesses and service providers do not accept cryptocurrency as a form of payment. Widespread adoption requires broader merchant acceptance.
• Transaction Fees: While intended to be cheaper than traditional banking, sometimes crypto transaction fees, especially on networks like Bitcoin and Ethereum, can be high, particularly during periods of network congestion. This makes it less attractive for small transactions.
• Price Volatility: The fluctuating value of cryptocurrencies makes it difficult to price goods and services. Merchants are hesitant to accept a currency that could drastically change in value within a short period.
• Complexity: Using cryptocurrency for payments requires a certain level of technical knowledge and can be more complex than using a credit card or mobile payment app.

Despite these challenges, there are instances where crypto is used for payments. The survey found that nearly 30% of those who used crypto for financial transactions did so because the receiving person or firm preferred crypto. Other cited reasons included faster transactions and privacy concerns. As blockchain technology matures and becomes more user-friendly, we may see an increase in transactional use. The growth of stablecoins, which are pegged to the value of traditional currencies like the US dollar, could also make crypto more attractive for payments by reducing price volatility.

Real-World Asset Tokenization and its Impact

While the Fed survey paints a picture of declining general usage, certain sectors within the crypto space are experiencing significant growth. One such area is real-world asset (RWA) tokenization. This involves converting ownership rights to physical assets (like real estate, commodities, or art) into digital tokens on a blockchain.

The tokenization of RWAs has several potential benefits:

• Increased Liquidity: Tokenization allows for fractional ownership, making it easier to buy and sell assets.
• Greater Accessibility: It opens up investment opportunities to a wider range of individuals who may not have the capital to purchase entire assets.
• Improved Transparency: Blockchain technology provides a transparent and immutable record of ownership.
• Reduced Costs: Tokenization can streamline administrative processes and reduce transaction costs.

The increasing interest in RWA tokenization is evident in the growth of tokenized U.S. Treasury bills, which have risen 1,000% in value to $1.29 billion since the beginning of 2025. This suggests that while general crypto usage may be declining, specific applications of blockchain technology are gaining traction and attracting significant investment.

Comparing the Fed Survey with Other Data Sources

It's important to note that the Federal Reserve's survey results may differ from findings reported by other organizations. For example, while the Fed survey indicated that 7% of Americans owned or used cryptocurrency in 2025, some cryptocurrency exchanges or research firms may report higher adoption rates.

These discrepancies can arise due to several factors:

• Sampling Methods: Different surveys may use different sampling methods, leading to variations in the demographics of the respondents.
• Definitions: The definition of ""crypto user"" may vary across surveys. Some surveys may only count individuals who actively trade or use crypto for transactions, while others may include those who simply hold crypto as an investment.
• Data Collection Periods: Surveys conducted at different times may capture different market conditions and sentiment.

When interpreting crypto adoption data, it's crucial to consider the source, methodology, and definitions used. Comparing findings from multiple sources can provide a more comprehensive and nuanced understanding of the market.

The Future of Crypto Adoption in the United States

Despite the recent decline in usage, the long-term outlook for cryptocurrency adoption in the United States remains uncertain. Several factors could influence the future trajectory of the market:

• Regulatory Clarity: Clear and consistent regulations could provide a more stable and predictable environment for crypto businesses and investors.
• Technological Advancements: Improvements in blockchain technology, such as scalability solutions and user-friendly interfaces, could make crypto more accessible and appealing to a wider audience.
• Institutional Adoption: Increased adoption of crypto by institutional investors could legitimize the asset class and attract more retail investors.
• Economic Conditions: Changes in the broader economic landscape, such as inflation or financial instability, could drive demand for alternative assets like cryptocurrencies.
• Educational Initiatives: Targeted educational programs could address the knowledge gap and dispel misconceptions about cryptocurrency.

The development and adoption of blockchain-based applications beyond cryptocurrencies, such as supply chain management, digital identity, and decentralized finance (DeFi), could also contribute to broader acceptance of the technology.

The Role of Education in Crypto Adoption

A significant barrier to wider crypto adoption is the lack of understanding and education surrounding digital assets. Many people are unfamiliar with blockchain technology, how cryptocurrencies work, and the associated risks and benefits. Educational initiatives can play a crucial role in bridging this knowledge gap.

Effective educational programs should focus on:

• Explaining the basics of blockchain technology and cryptocurrencies in simple and accessible language.
• Highlighting the potential benefits of crypto, such as decentralization, transparency, and financial inclusion.
• Addressing the risks and challenges associated with crypto, such as volatility, security concerns, and regulatory uncertainty.
• Providing practical guidance on how to safely buy, store, and use cryptocurrencies.
• Promoting responsible investment practices and discouraging speculative trading.

Educational initiatives can be delivered through various channels, including online courses, workshops, seminars, and community outreach programs. Partnering with schools, universities, and community organizations can help reach a wider audience and build trust in the crypto space.

Political Implications: Voters Want Knowledgeable Candidates

Interestingly, public sentiment extends beyond mere usage, with a significant 73% of voters expressing a desire for presidential candidates who demonstrate knowledge about both Artificial Intelligence (AI) and cryptocurrency. This underscores the growing importance of understanding and addressing these emerging technologies in the political arena. Candidates who can articulate informed perspectives on the potential benefits and challenges of crypto, as well as its role in the future economy, may find themselves better positioned to connect with a tech-savvy electorate.

This demand for knowledge highlights a broader trend of increased public awareness and scrutiny of technological issues. Voters recognize the potential impact of these technologies on various aspects of their lives, from economic opportunities to national security. As such, they expect their elected officials to be well-versed in these topics and capable of making informed decisions on policies related to AI and cryptocurrency.

Conclusion: A Nuanced Picture of Crypto Adoption in the US

The Federal Reserve's survey provides a valuable snapshot of cryptocurrency adoption in the United States, revealing that approximately 18 million Americans used or owned crypto in 2025. However, this figure represents a decline from previous years, signaling a potential cooling of enthusiasm among the general populace. While overall usage is down, certain segments of the crypto market, such as real-world asset tokenization, are experiencing growth and attracting significant investment. The limited use of crypto for payments and transfers remains a challenge, highlighting the need for broader merchant acceptance and improved usability. Addressing concerns about market volatility, regulatory uncertainty, and security is crucial for fostering wider adoption and building trust in the digital asset ecosystem. Educational initiatives can play a vital role in bridging the knowledge gap and promoting responsible investment practices. As the crypto landscape continues to evolve, ongoing monitoring and analysis are essential for understanding the trends and challenges shaping the future of digital assets in the United States.

Key takeaways:

• Approximately 18 million Americans used or owned crypto in 2025, according to the Federal Reserve.
• Overall crypto usage has declined, with only 7% of U.S. adults reporting usage in 2025.
• Transactional use of crypto remains limited, with only 1% using it for payments or transfers.
• Demographic trends reveal higher usage among higher-income individuals, millennials, men, and minorities.
• Real-world asset tokenization is gaining traction and attracting significant investment.
• Regulatory clarity, technological advancements, and educational initiatives could boost future crypto adoption.

What are your thoughts on the future of cryptocurrency in the U.S.? Share your predictions and insights in the comments below!