Fed Report: 10% of U.S. Adults Used or Invested in Crypto in 2025

One in ten U.S. adults held or used cryptocurrency for payments in 2025, according to a new report from the U.S. Federal Reserve. The figure marks a notable increase from the 2023–2024 period and approaches the all-time high of 12% recorded in 2021, signaling a renewed but measured interest in digital assets among the general population.

Investment drives usage, payments remain niche

The Federal Reserve’s latest Survey of Household Economics and Decisionmaking found that 9% of respondents used cryptocurrency primarily for investment purposes, while only 2% used it as a payment method. This disparity underscores the persistent view of crypto as a speculative asset rather than a transactional currency for most Americans.

Among those who did use crypto for payments, 25% said they chose it because businesses accepted it and it offered faster, cheaper transactions. The data suggests that while consumer demand exists, merchant adoption and ease of use remain key drivers for real-world crypto spending.

Unbanked population shows higher payment adoption

A significant finding in the report highlights the role of cryptocurrency among the unbanked. The rate of crypto use for payments was three times higher among adults without a bank account — 6% compared to 2% for the general adult population. This suggests that for some, crypto serves as an alternative financial tool, bypassing traditional banking infrastructure.

The finding aligns with broader discussions about financial inclusion, where digital assets are sometimes seen as a way to reduce reliance on high-cost services like check-cashing and prepaid debit cards. However, the overall adoption among the unbanked remains low in absolute terms.

Why the Fed data matters

The Federal Reserve’s annual survey is one of the most authoritative measures of how Americans interact with financial products, including emerging technologies like cryptocurrency. The 2025 results provide a benchmark for policymakers, regulators, and industry participants tracking the evolution of digital asset usage.

The data also arrives amid a shifting regulatory landscape. With ongoing debates over stablecoin legislation, SEC enforcement actions, and the potential for a U.S. central bank digital currency, the Fed’s findings offer a real-world snapshot of consumer behavior that can inform policy decisions.

Conclusion

The Federal Reserve’s 2025 survey confirms that cryptocurrency adoption in the United States has rebounded from a recent dip but remains primarily investment-driven. The higher usage among unbanked individuals for payments, while still small, points to a practical niche for digital assets in financial inclusion. As the regulatory environment continues to develop, these usage patterns will serve as a critical baseline for measuring the impact of future policy changes.

FAQs

Q1: How many Americans used crypto in 2025 according to the Fed?
Approximately 10% of U.S. adults, or about one in ten, held or used cryptocurrency for payments during the year.

Q2: Is crypto use for payments growing?
Yes, but slowly. The 2% payment usage rate is an increase from the previous survey period, though it remains far below the 9% who use crypto for investment.

Q3: Why do unbanked Americans use crypto more for payments?
The Fed report indicates that unbanked individuals may turn to crypto for faster and cheaper transactions, as well as merchant acceptance, bypassing the need for a traditional bank account.