Cryptocurrency began in part as a response to the mistakes and abuses of banks during the 2008 financial crisis, but despite being around for almost two decades and garnering widespread attention, the public has not been convinced of that point and still favors the traditional financial system for its financial access, according to a new survey commissioned by CoinDesk.
When asked which banks and cryptocurrencies they trust most when it comes to financial inclusion, 65% of online respondents said banks and only 5% favored cryptocurrencies. Although just over half (52%) agree that the movement is more than a fad, 60% believe that cryptocurrencies will be a largely negative force in the economy.
That’s according to 1,000 randomly selected American voters surveyed last week by research firm Public Opinion Strategies. The survey is intended to provide a snapshot of public sentiment as issues surrounding cryptocurrencies and artificial intelligence make their way through Congress, federal regulators and political campaigns heading into this year’s midterm congressional elections.
This article is part of a CoinDesk series on voter opinions for the 2026 midterm elections.
The sense that banks are safer than cryptocurrencies comes at a delicate time for the industry, when its lobbyists have been fighting with the banking industry over the cryptocurrency sector’s most important political hope: the Senate Digital Asset Market Clarity Act. Banks have argued that stablecoin rewards could compete directly with their own interest-bearing deposit accounts and threaten a migration that could strangle American lending. Their argument has so far stalled the Clarity Act for months, although the latest signs suggest the bill could begin moving forward again in the coming days.
Despite some public distrust, cryptocurrencies have come a long way in a short time to insert themselves into US life and financial culture. About one in four people say they have invested in cryptocurrencies (27%), although most of them did so at least a few years ago and only 2% say they have more than $10,000 in digital assets.
Whatever information the public is consuming about the industry does not seem to help improve their opinion: more than half (53%) had a less favorable impression of the industry in recent news coverage. When thinking about cryptocurrencies, those who like them gravitate more towards the concept of their profitability, while those who distrust them focus on the scams associated with the sector.
About 46% of people have nothing to do with cryptocurrencies and say they don’t want to, although that leaves 27% who haven’t invested yet and say they might be open to it. Negative opinions are more likely to be held by people over 45, with distrust rising sharply as they age. According to the data, men, Republicans, and minority groups share the most consistent affinity for cryptocurrencies.
The question of AI
Like cryptocurrencies, AI also generates a lot of distrust from older respondents, although the opinions of younger respondents are quite mixed.
Overall, 55% believe the risks of AI technology outweigh its benefits. But younger demographics, men and Republicans are slightly more likely to support the developments, as they do in the case of digital assets. And cryptocurrency owners are also much more likely to support the benefits of AI: 64% say their pursuit is worth the risks.
While American companies have embraced the use of AI in nearly every aspect of their businesses, new data on public perceptions reveals the negative perception gap that emerging technologies may need to overcome for mass acceptance. The cryptocurrency industry has pinned hopes on its eventual inclusion in the US financial regulatory system to give it greater acceptance and provide more comfort to those who resist and worry about its oversight. But that process depends on a deeply divided Congress and the smooth schedule of federal regulators like the Securities and Exchange Commission.
Still, key regulators appointed by cryptocurrency-boosting President Donald Trump have pledged to act as quickly as possible to bring digital assets into the mainstream. And key senators have suggested that the Clarity Act will finally get the hearing it needs in May, potentially keeping it viable for passage in 2026.
CoinDesk will publish data from this survey on Tuesday at Consensus Miami.
