Key Points
- Approximately 10% of American adults used or invested in cryptocurrency during 2025, according to a new Federal Reserve report.
- Crypto usage for payments remained relatively small overall, though adoption was noticeably higher among unbanked Americans.
- The report arrives as the Federal Reserve prepares for leadership changes with incoming chair Kevin Warsh viewed as more supportive of Bitcoin.
Cryptocurrency adoption in the United States climbed to its highest level in three years during 2025, according to a new report published by the Federal Reserve examining the economic well-being of American households.
The report found that approximately 10% of US adults used cryptocurrency in some form during the year, whether for investment purposes, payments or sending money to family and friends.
That figure represents an increase compared to both 2023 and 2024, signaling renewed interest in digital assets following several difficult years for the crypto industry.
However, adoption levels still remain below the peak recorded in 2021, when around 12% of Americans reported using cryptocurrency.
Investment Remains the Primary Use Case
The Federal Reserve data showed that investment activity continues to dominate crypto usage among Americans.
Roughly 9% of respondents said they used cryptocurrency primarily as an investment vehicle, while far fewer used digital assets for everyday transactions.
Only around 2% reported using cryptocurrency for purchases or payments, while approximately 1% used crypto to transfer money to family or friends.
The findings suggest that despite increasing payment infrastructure and stablecoin adoption, cryptocurrency in the United States still functions largely as an investment asset rather than a mainstream transactional currency.
Crypto Payments Gain Gradual Momentum
Although payment adoption remains limited overall, the report highlighted growing interest in crypto-based transactions among certain groups and businesses.
More than one-quarter of respondents who used cryptocurrency for payments said businesses specifically preferred receiving payment in crypto.
Users cited several perceived advantages of crypto payments, including faster transaction speeds, improved privacy and lower payment costs compared to traditional financial systems.
However, fewer than 10% of businesses using crypto cited distrust in banks or safety concerns with the traditional financial system as the primary reason for preferring digital assets.
Unbanked Americans Show Higher Crypto Usage
The report also found that cryptocurrency adoption was significantly higher among unbanked Americans.
Approximately 6% of unbanked adults reported using cryptocurrency for transactions compared to only 2% among banked individuals.
The data highlights how digital assets may continue serving as an alternative financial tool for people with limited access to traditional banking services.
According to the Federal Reserve, roughly 6% of Americans remained unbanked during 2025.
The higher usage rates among unbanked populations have long been viewed by parts of the crypto industry as evidence that blockchain-based financial systems could provide broader financial access outside conventional banking networks.
Crypto Payment Companies Continue Expanding
The Federal Reserve findings arrive as multiple American fintech and crypto companies continue investing heavily in digital asset payment infrastructure.
Block, the financial technology company founded by Jack Dorsey, has expanded Bitcoin and stablecoin payment capabilities across hundreds of thousands of merchants in the United States.
Meanwhile, Lightspark, the Bitcoin Lightning Network startup led by former PayPal executive David Marcus, has also focused on accelerating Bitcoin payment adoption for mainstream users and businesses.
These efforts are part of a broader industry push to integrate cryptocurrency into everyday commerce rather than limiting usage to trading and speculation.
Leadership Changes at the Federal Reserve
The report also arrives during a major transition period for the Federal Reserve itself.
Jerome Powell officially concluded his term as Federal Reserve chair on Friday and is set to be replaced by Kevin Warsh following Senate approval earlier this week.
Warsh, who previously served as a Federal Reserve governor between 2006 and 2011, has publicly expressed relatively favorable views toward Bitcoin compared to some other policymakers.
In past comments, Warsh described Bitcoin as a form of market discipline and compared it to gold for younger investors seeking alternatives to traditional financial assets.
Markets Watching Policy Direction Closely
Warsh is generally viewed as holding hawkish positions on monetary policy, often emphasizing inflation control, fiscal restraint and reduced dependence on aggressive monetary stimulus measures.
His arrival could become increasingly important for crypto markets as investors continue watching how the Federal Reserve approaches digital assets, banking policy and broader monetary conditions in the years ahead.
While the Federal Reserve has historically maintained a cautious approach toward cryptocurrency, rising adoption levels and expanding institutional involvement continue pushing digital assets further into mainstream financial discussions.
The latest report suggests that despite volatility and regulatory uncertainty, cryptocurrency remains firmly embedded within the evolving financial behavior of millions of Americans.
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