FED report: In 2025, US cryptocurrency adoption reached 10%, a three-year high

According to CoinTelegraph on May 19, the FED’s “Report on the Economic Conditions of Households” shows that about 10% of U.S. adults reported using or investing in cryptocurrency at some point in 2025 for any reason, higher than the levels in 2023 and 2024— the highest in three years, but still below the 2021 peak.

Confirmed Crypto Use Data Breakdown

Breakdown by usage scenario (2025):

As an investment tool: About 9%

For payments: About 2%

To remit to family or friends: About 1%

Historical comparison: 12% in 2021 (historical peak); below the 2025 level in 2023/2024; about 10% in 2025 (three-year high).

Confirmed Data: Unbanked Population and Business Usage

Crypto use among the unbanked (confirmed): 6% of the unbanked use cryptocurrency for transactions; among adults with bank accounts, this figure is only 2%. In 2025, an estimated 6% of Americans are unbanked.

Business-side usage preference (confirmed): More than 25% of crypto payment users say their companies are more willing to accept crypto payments (reasons: fast speed, better privacy, and lower costs); fewer than 10% of companies prefer crypto payments based on “being safer” or because they lack trust in traditional banks.

Merchant adoption background: Block (under Jack Dorsey) has enabled Bitcoin and stablecoin payments for more than 800k U.S. merchants; Lightspark (founded by former PayPal president David Marcus) is working to mainstream payments on the Bitcoin Lightning Network.

Bitcoin Stance of New FED Chair Warsh

Kevin Warsh was confirmed by the Senate on Wednesday to serve as FED chair (he previously served as a FED governor from 2006 to 2011). Based on his confirmed public remarks: Warsh said Bitcoin can “provide market discipline,” likened it to gold, and believes Bitcoin is an investment option for people under 40. Warsh is widely viewed as hawkish on monetary policy—emphasizing fiscal discipline, lowering inflation, and tending to reduce reliance on QE.

FAQ

What gap exists between the 10% usage rate in 2025 and the 2021 peak?

In 2021, 12% of Americans reported using cryptocurrency for any reason; the 10% in 2025 is a three-year high, but still 2 percentage points below the 2021 peak. The 2021 peak was mainly driven by the crypto bull market and the NFT boom.

Why is the cryptocurrency usage rate among the unbanked higher than among those with bank accounts?

Among the unbanked, 6% use cryptocurrency for transactions—three times the 2% among adults with bank accounts. Since the unbanked cannot use traditional financial services, cryptocurrency, as a tool that can transfer funds without a bank account, becomes a relatively accessible alternative.

How does Kevin Warsh’s pro-Bitcoin stance affect FED policy?

Warsh has publicly expressed positive views on Bitcoin, contrasting with the more cautious stance of the former Powell. However, Warsh’s hawkish stance in monetary policy (emphasizing fiscal tightening and lowering inflation) means that adjusting short-term interest rate policies may not prioritize meeting crypto market needs.