The Federal Reserve reported Wednesday that approximately 10% of US adults used or invested in cryptocurrency in 2025, marking the highest adoption level in three years. This figure represents growth from 2023 and 2024, though it remains below the 2021 peak when 12% of Americans reported any crypto usage, according to the Fed's report on household economic well-being. The data reflects a sustained but measured increase in crypto adoption among the American population.
## Breakdown of Crypto Usage
Among those who engaged with crypto in 2025, usage patterns varied significantly by application. Approximately 9% of respondents used crypto as an investment vehicle, while just 2% used it for payments, and 1% used it to send money to family or friends.
The accompanying chart from the Federal Reserve illustrates the composition of crypto usage, including both investment and payment categories, tracking trends from 2021 through 2025.
## Adoption Among Unbanked Populations
Crypto usage was notably higher among unbanked Americans compared to those with traditional banking access. Around 6% of unbanked respondents reported using crypto for transactions, compared to 2% of banked adults. The Fed's 2025 data indicated that approximately 6% of Americans were unbanked.
## Business Preferences for Crypto Payments
Among respondents who used crypto for payments, more than 25% reported that the business expressed a preference for payment in crypto, citing advantages such as speed, privacy, and lower costs. In contrast, less than 10% of businesses expressed a preference for crypto payments due to it being "safer" than banks or because of a lack of trust in the traditional banking system.
## Federal Reserve Leadership Transition
The Federal Reserve has historically adopted a cautious view on cryptocurrency. Jerome Powell's term as Fed chair ended Friday, and Kevin Warsh was voted in by the Senate on Wednesday to replace him.
Warsh, who served as a Federal Reserve governor from 2006 to 2011, holds a notably different stance on Bitcoin compared to his predecessor. Warsh has previously stated that Bitcoin could "provide market discipline" and has likened it to gold as an investment for those under 40. Warsh is widely characterized as holding hawkish views on monetary policy, often emphasizing fiscal restraint, lower inflation, and a preference for relying less on quantitative easing.
