About one-tenth of US adults said they used or invested in crypto in 2025, the highest level in three years, according to a Federal Reserve report on the economic well-being of households. 

Roughly 10% used crypto for any reason, up from 2023 and 2024, according to the Fed report published on Wednesday.

Despite the rise, 2025’s figures still fell short of crypto adoption seen in 2021, when 12% of Americans reported having used crypto for any reason.  

Breakdown of crypto usage, including investment and payments, among Americans between 2021 and 2025. Source: Federal Reserve

Expanding Bitcoin (BTC) and crypto into everyday payments has been a key focus area for many American payment companies, including Jack Dorsey’s Block, which has enabled Bitcoin and stablecoin payments for over 800,000 US-based merchants.

Lightspark, a Bitcoin Lightning Network startup founded by former PayPal President David Marcus, is also looking to push Bitcoin payments into the mainstream.

Around 9% of respondents said they use crypto as an investment vehicle, while just 2% used it for payments, and 1% used it to send money to family or friends. 

Crypto usage was notably higher among the unbanked, with 6% using crypto for transactions compared to 2% of banked adults. Approximately 6% of Americans were unbanked in 2025.

More than 25% of those who used crypto for payments said the business expressed a preference for payment in crypto, citing advantages such as speed, privacy and lower costs. 

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.

The new Federal Reserve chair likes Bitcoin

The Federal Reserve has adopted a relatively cautious view on crypto over the years, particularly under the leadership of Jerome Powell, whose term came to an end on Friday.

Related: Odds against rate cuts high as new US Fed chair set for swearing in 

Powell is set to be replaced by Kevin Warsh, who was voted in by the Senate on Wednesday.

Warsh, who served as a Fed governor from 2006 to 2011, holds a favorable view toward Bitcoin, having previously stated that it could “provide market discipline” and likened it to gold as an investment for those under 40.

Warsh is widely seen as holding hawkish views on monetary policy, often emphasizing fiscal restraint, lower inflation and a preference for relying less on quantitative easing. 

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