According to the Federal Reserve's latest household survey, 10% of U.S. adults used or held cryptocurrency in 2025, marking the highest level since 2021. The survey captures both investment holdings and actual usage for purchases and payments, making it one of the most representative snapshots of how ordinary Americans interact with digital assets. This figure translates to roughly 23-24 million adults based on current census estimates, representing a meaningful recovery from the 2023-2024 lows following the FTX collapse. The survey covers the entire adult population broadly, not just active traders or tech-savvy demographics, making it distinct from exchange-reported user counts that can double-count activity. The current adoption level still trails the 12% peak from the 2021 bull market, but signals rebuilding trust in digital assets after the industry's darkest period.
The Federal Reserve data reveals a stark 4.5-to-1 split between investment and payment usage, with 9% of adults using crypto for investment purposes while only 2% use it for everyday payments. This represents a significant decline from the nearly 3% payment usage in 2021 and 2022, which has fallen to less than 2% in 2023 and 2024. The composition matters, as 6% of unbanked adults use cryptocurrency for transactions compared to just 2% of banked users, where access to traditional banking is limited. This pattern confirms that crypto payments are not mainstream and remain relevant primarily in underserved markets rather than as a preferred payment method in areas with full banking access. The phrase "used or held" is notable because it groups two very different behaviors - someone holding a small amount of Bitcoin in a brokerage account and someone paying for a VPN subscription with stablecoins both fall under the same 10% figure.
A powerful demand signal is emerging from current crypto owners, with 61% planning to increase their investments in 2026. This represents the strongest forward-looking indicator yet, not just holding, but actively adding to positions. The positive experience tailwind is significant, with 53% of former and current owners reporting positive returns versus just 21% experiencing net losses. Positive experiences drive word-of-mouth and repeat investment, suggesting the recovery isn't plateauing but accelerating among those already inside the market. The 10% adoption figure carries significant implications for policymakers, as it represents direct exposure to an asset class that affects regulatory decisions around prediction markets, stablecoin frameworks, and exchange licensing.
Political support for cryptocurrency has strengthened significantly, with 52% of Americans believing Trump's presidency has boosted cryptocurrency values and 46% thinking his administration has made crypto adoption mainstream. The Strategic Bitcoin Reserve and Crypto Czar appointment under Sacks signaled a dramatic policy pivot from the post-FTX crackdown era. On the regulatory front, the GENIUS Act has just passed, establishing a federal framework for stablecoin issuance that could finally unlock the payment use case that has languished while investment adoption recovered. Market odds show above 55% probability of rate hikes by January, while rate-cut expectations remain effectively at 0%, creating a challenging macro environment for crypto adoption.
