EMOTIONAL MARKET: How Do Americans Feel About Cryptocurrency?

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While cryptocurrency began as what many considered the latest “get rich quick scheme,” the market has matured significantly since its early days. Investing in Bitcoin and other cryptocurrencies has indeed made some people extraordinarily wealthy. Whether they’ve used those funds to buy houses, Lamborghinis, or even fund companies of their own, the possibilities of cryptocurrencies have expanded dramatically. But due to their persistent volatility, investors have also experienced dramatic losses alongside unprecedented gains.

Now that Bitcoin and other cryptocurrencies—Ethereum, Solana, Cardano, and stablecoins like USDC—have gained legitimacy through institutional adoption, regulatory frameworks, and mainstream financial products like ETFs, how should you feel about these digital assets in 2025? We conducted a comprehensive survey of over 1,500 Americans to understand their current feelings about cryptocurrencies and to analyze whether excitement or apprehension dominates sentiment toward digital money today.

A Bitcoin by Any Other Name

Over 90 percent of Americans now claim to know what cryptocurrency is—a significant increase from 75 percent in 2018. When factoring in those who believe they “sort of” understand these electronic payment methods, virtually all Americans have at least some exposure to the concept of digital currencies. This widespread awareness reflects cryptocurrency’s journey from a fringe technology to a mainstream financial asset class discussed on major news networks, in congressional hearings, and at dinner tables across America.

The confidence gap has narrowed considerably as well. When faced with the task of explaining cryptocurrency to others, nearly 75 percent of respondents feel assured in their ability to give newcomers a rundown of these digital assets—up from 62 percent in 2018. This increase suggests that public understanding has deepened alongside growing adoption, with cryptocurrency literacy becoming more commonplace.

Tell Us How You Really Feel

The emotional landscape surrounding cryptocurrency has evolved significantly since 2018. While “uncertainty” remains a common sentiment (expressed by 54 percent of respondents, down from nearly 70 percent), “optimism” has emerged as the second most common emotion (48 percent), reflecting growing confidence in the long-term prospects of digital assets.

This shift in sentiment aligns with cryptocurrency’s increased legitimacy through watershed moments like the SEC’s approval of Bitcoin ETFs in January 2024, major corporate Treasury investments, and the integration of crypto payment options by established financial institutions. The roller coaster of multiple bull and bear cycles has also created a more seasoned investor base that’s less emotionally reactive to price volatility.

Fear remains present (39 percent), particularly regarding regulatory uncertainty and security concerns. However, “excitement” has dramatically increased (37 percent), especially among younger investors who see cryptocurrency as part of a broader financial revolution that includes decentralized finance (DeFi) and blockchain applications beyond simple currency use cases.

To Invest … or not Invest

The primary motivations for cryptocurrency investment have evolved beyond simply “winning big.” While potential returns remain the top reason (62 percent), “portfolio diversification” now ranks second (54 percent), reflecting cryptocurrency’s emerging role as a legitimate, if volatile, asset class in modern investment strategies.

The concept of cryptocurrency as “digital gold” or an inflation hedge has gained traction, with 47 percent of investors citing this as a key motivation—a narrative that gained particular strength during the pandemic-era monetary policy expansion. Belief in the underlying technology and its transformative potential has also become a more prominent driver (45 percent), as investors increasingly differentiate between speculation and genuine technological innovation.

Risk remains the predominant reason for avoiding cryptocurrency investments (68 percent), but the nature of perceived risk has shifted from market volatility to concerns about regulatory uncertainty (52 percent) and security issues (49 percent). The technical barriers to entry have diminished significantly, with only 28 percent now citing complexity as a deterrent, down from nearly 45 percent in 2018.

Interestingly, social influence continues to play a role, with 32 percent of investors acknowledging peer pressure or FOMO as factors in their decision to invest—though this represents a notable decrease from the 40 percent reported in 2018, suggesting a maturing market driven more by individual financial goals than social dynamics.

The Digital Haves and Have-Nots

Public perception of cryptocurrency investors has evolved dramatically since 2018. While risk-taking remains a commonly associated trait (71 percent), it’s increasingly viewed as calculated rather than reckless risk. “Forward-thinking” attribution has risen to 65 percent, and “financially savvy” has emerged as a new prominent association (58 percent).

Non-investors are still predominantly characterized as “playing it safe” (68 percent), but this is increasingly viewed as a neutral financial preference rather than a criticism. The “smart” attribution remains split nearly evenly between investors and non-investors, reflecting a growing recognition that cryptocurrency involvement is one of many valid financial strategies rather than a definitive indicator of financial acumen.

The emerging narrative suggests a shift away from binary judgments toward an understanding that cryptocurrency investment represents one point on a spectrum of financial strategies, each with its own risk profile and potential benefits.

Confidence Investors

With cryptocurrency adoption rising to approximately 52 percent of Americans (up from 35 percent in 2018), the demographic profile of the average crypto investor has broadened significantly. While gender disparity persists, it has narrowed, with men now 1.4 times more likely than women to have invested in cryptocurrency (59 percent vs. 42 percent).

Income continues to influence participation, but the gap has narrowed considerably. Among those making $75,000 to $99,999 annually, adoption has risen to 63 percent, while those earning under $25,000 now show a 31 percent participation rate—reflecting both wider accessibility and the growing perception of cryptocurrency as a potential economic equalizer.

The age distribution of investors has also broadened. While Millennials remain the most engaged generation (68 percent adoption), Gen Z has emerged as a close second (64 percent). Gen X has shown remarkable growth (reaching 49 percent), while Baby Boomers have more than doubled their participation since 2018, albeit from a much lower base (now at 27 percent).

Educational attainment shows strong correlation with cryptocurrency adoption, with college graduates (61 percent) and postgraduates (58 percent) showing the highest participation rates. However, adoption among those with high school education has also grown substantially to 38 percent, suggesting that cryptocurrency’s appeal crosses educational boundaries.

New Frontiers: Beyond Basic Crypto

A significant development since 2018 has been the diversification of cryptocurrency engagement beyond simple buying and holding. Among crypto investors, 42 percent report participation in DeFi protocols, 38 percent have utilized cryptocurrency for payments or remittances, and 29 percent have experimented with NFTs or other digital collectibles.

Staking and yield farming have attracted 36 percent of crypto investors, reflecting the growing appeal of passive income strategies within the crypto ecosystem. Meanwhile, 18 percent report participation in decentralized autonomous organizations (DAOs), indicating engagement with cryptocurrency’s governance aspects.

This expansion beyond basic investment behavior suggests that as the ecosystem matures, users are exploring its multifaceted utility rather than treating digital assets merely as speculative vehicles.

Conclusion

The cryptocurrency landscape of 2025 reveals a market that has matured significantly since our original 2018 study. While uncertainty persists—a natural consequence of an innovative and evolving asset class—it’s now balanced by increasing optimism, growing adoption across demographic boundaries, and deeper engagement with cryptocurrency’s expanding ecosystem.

Americans have become more knowledgeable about cryptocurrency, more confident in their understanding, and more nuanced in their assessment of its place in financial portfolios. The sharp divisions that once characterized perceptions of crypto investors versus non-investors have softened into a more sophisticated understanding of risk preferences and financial strategies.

Whether cryptocurrency fulfills its most ambitious promises or settles into a more modest role in the financial ecosystem remains to be seen. What’s clear, however, is that digital assets have moved beyond their initial boom-and-bust reputation to become an enduring, if still evolving, component of America’s financial landscape.

Methodology

We collected responses from 1,004 Americans via Amazon’s Mechanical Turk platform. Participants ranged in age from 18 to 80 with a mean of 36.05 and a standard deviation of 11.86 years. Hypotheses were not statistically tested, and the data presented rely on means and median analysis only.

Fair Use Statement

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Sources

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