Survey: Americans Buy More Crypto Than Ever—Yet 64% Still Say 'Very Risky'

Gallup’s nationwide poll, conducted in mid‑June 2025, found that only 14% of U.S. adults now say they own any cryptocurrency, with 60% explicitly stating they have no intention of ever buying any. Just 4% of respondents plan to purchase crypto in the near future, while 17% say they’re merely intrigued.

Ownership remains concentrated in specific demographics. Among investors holding at least $10,000 in stocks, bonds, or mutual funds, ownership has climbed from 2% in 2018 to about 17% by mid‑2025. Within this group, a dominant 64% label crypto as “very risky”, a level of concern marginally up from 60% in 2021.

Demographic divides are stark: men aged 18–49 have the highest ownership share, about 25%, whereas among seniors and women, ownership dips to around 7%. Survey data also point to stronger crypto familiarity and ownership among higher‑income households, with younger individuals showing a greater level of understanding relative to older cohorts.

Respondents cited a range of obstacles: lack of knowledge, security fears, difficulty of access, and memories of high‑profile crashes and frauds, notably the FTX collapse continue to weigh heavily on perceptions. Indeed, while awareness of crypto is nearly universal, only about 35% of respondents said they truly understand how it works.

This cautious sentiment persists despite broader positive trends. Other recent surveys show that current crypto owners are increasingly committed: a Kraken survey from late July revealed 88% of holders intend to keep investing over the next year, up from 73% in 2024. Separate research from security.org estimates that 28% of U.S. adults (about 65 million) now own crypto, more than double the rate in 2021 and around 67% of current owners plan to buy more in 2025.

Why the paradox, ownership growing while risk sentiment remains high? Experts suggest that early adopters and institutional inflows (such as crypto spot ETFs and family‑office allocations) help fuel supply, while legacy retail hesitancy persists due to price volatility and past losses. Indeed, institutional interest in crypto has ramped up significantly, with approximately 39% of single‑family offices exploring or allocating to crypto, typically at low single‑digit portfolio percentages.

Institutional involvement helps explain how ownership percentages can grow even while average retail risk attitudes remain unchanged. Regulatory developments like the GENIUS Act, which clarifies U.S. stablecoin regulation, paired with SEC approvals for spot Bitcoin ETFs, have improved structural clarity, even as most Main Street Americans remain unconvinced.

Psychological factors also influence investor hesitation. Many individuals remain wary of crypto due to its history of dramatic price swings, with memories of past crashes reinforcing a fear of volatility. Even those who regularly follow crypto news often hesitate to enter the market, worried about buying at the wrong time or sustaining losses. This mix of uncertainty, perceived complexity, and past turbulence continues to hold back broader retail participation.

The ownership surge since 2018 is striking: Gallup data show a rise from 2% to 17% ownership among investors, an eight‑fold increase, albeit still leaving crypto held by a minority. Yet while adoption among wealthier, younger men climbs, the broader population remains reticent. Among surveyed low‑income, female, or older adults, crypto remains rare and largely unappealing.

Financial literacy also matters: studies from the Federal Reserve Bank of Kansas City indicate that crypto users with low financial literacy and risk tolerance, particularly those using crypto for transactions rather than investment, may be more financially vulnerable.

Bridging the gap between growing adoption and persistent wariness may require progress on regulation, education, and infrastructure. Public policy improvements like the GENIUS Act can boost trust; clearer disclosure, consumer protections, and mainstream platforms may also reduce perceived barriers. Yet until then, cryptocurrency remains an inner‑circle investment for many, rather than a mainstream asset embraced by average investors.

While U.S. crypto ownership has surged eight‑fold among investors since 2018, widespread skepticism about its riskiness continues. Though institutional flows and regulatory clarity have built infrastructure around crypto, most Americans, especially women, older adults, and lower‑income individuals, still view it as too volatile, too confusing, or simply not worth the uncertainty. As adoption continues upward, the key challenge may lie in shoring up public confidence as much as expanding access.