The claim that 20% of American adults own cryptocurrency has been making headlines—most notably promoted by Coinbase through its "Crypto Is Love" campaign. At first glance, that figure suggests a powerful, growing demographic with significant influence, especially in policy and elections. But is this number accurate?
Multiple independent studies tell a different story—one that reveals a more modest level of adoption, highly skewed ownership, and motivations rooted more in speculation than real-world utility.
Let’s unpack the data, examine who actually owns crypto in the U.S., how much they hold, and why they do it—separating marketing hype from measurable reality.
What the Data Really Says About U.S. Crypto Ownership
Coinbase’s 20% figure comes from a 2023 survey conducted by Morning Consult, polling just over 2,200 adults. While seemingly credible, this number stands out as a major outlier when compared to more rigorous, long-term studies.
1. Federal Reserve’s SDCPC Survey: 9.6% Ownership
The Federal Reserve’s Survey and Diary of Consumer Payment Choice (SDCPC) is one of the most authoritative sources on consumer financial behavior. In 2022, it surveyed over 4,761 participants using both questionnaire and a detailed 3-day spending diary—reducing recall bias and increasing accuracy.
According to SDCPC data:
- 9.6% of U.S. adults held cryptocurrency in 2022.
- This is up slightly from 9.1% in 2021 and a dramatic rise from just 0.6% in 2015.
- Still, it’s less than half of Coinbase’s claimed 20%.
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2. Federal Reserve’s SHED Survey: 8–10% Usage
The Survey of Household Economics and Decisionmaking (SHED), also conducted by the Fed, takes a broader look at financial health. In 2022, with over 11,000 respondents:
- 10% had “used” crypto (defined as buying, holding, paying, or transferring).
- Only 8% held crypto as an investment—a narrower category.
- This marks a decline from 12% usage in 2021.
These figures align closely with SDCPC and contradict the 20% narrative.
3. Nielsen Homescan Study: 12% Adoption
A research team led by Weber, Candia, Coibion, and Gorodnichenko analyzed data from Nielsen Homescan, a quarterly panel of 80,000 households (with ~15,000–25,000 active respondents per wave). Their findings:
- By late 2022, 12% of U.S. households owned crypto.
- This supports moderate growth but still falls far short of 20%.
4. Pew Research Center: 17% Have “Ever Used” — But Only ~11–12% Currently Hold
Pew’s March 2023 survey of over 10,700 adults found:
- 17% of Americans had ever invested, traded, or used crypto.
- Of those, 69% still held some, meaning current ownership sits around 11–12%.
This distinction—ever used vs. currently own—is crucial. Many may have dabbled briefly during the 2017 or 2021 bull runs and exited.
5. Canadian Cross-Check: 10–13% Ownership
Given cultural and economic similarities, Canadian data offers a useful benchmark:
- Bank of Canada’s BTCOS survey (2022): 10% owned Bitcoin (down from 13%).
- Ontario Securities Commission (OSC) survey: 13% held some form of crypto (including ETFs legal in Canada but not the U.S.).
These numbers further validate the 8–13% range—nowhere near 20%.
Why the Discrepancy? Questioning the 20% Claim
The consistency across five major studies suggests that real U.S. crypto ownership is between 8% and 13%—not 20%. So why does Coinbase’s number stand out?
One red flag: Morning Consult reported that 8% of Americans own USDC, a stablecoin issued by Circle. Another 5% own USDT (Tether). That would mean over 1 in 10 Americans holds a specific stablecoin—a claim that strains credibility given wallet activity and on-chain data.
Such inconsistencies suggest potential sampling bias or methodological flaws. While not dismissing all Morning Consult data, this anomaly casts doubt on the reliability of their crypto ownership estimates.
Who Are the Real Crypto Owners?
Beyond adoption rates, deeper insights come from analyzing ownership patterns:
📊 Holding Size: Most Own Very Little
Federal Reserve SDCPC data reveals:
- 45% of crypto owners held $0–$200 worth in 2022.
- The median holding value was just $312.
- Only 25% held more than $2,000—what some call “crypto true believers.”
This distribution suggests most Americans with crypto are casual participants—likely influenced by ads (like Coinbase’s Super Bowl spot) or social media hype—not committed long-term adopters.
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💡 Motivations: It’s Mostly About Price Gains
When asked why they hold crypto:
- 67% cited “investment” as the primary reason (SDCPC).
- Only 21% said they were “interested in new technology.”
- Few named payment use cases or distrust in banks/government.
This contrasts sharply with early narratives around Bitcoin as “digital cash” or a hedge against inflation. In 2014, motives were more diverse—including distrust and cross-border payments—but today, speculation dominates.
SHED data adds nuance: about 2% use crypto to send money to friends or family—suggesting some real utility among low-income groups.
🪙 Preferred Cryptocurrencies
Weber et al.’s analysis shows:
- 70% of owners hold Bitcoin (BTC).
- ~44% hold Ethereum (ETH).
- Slightly over 40% hold Dogecoin (DOGE)—the meme coin launched as a joke.
SDCPC findings echo this:
- 65% own Bitcoin.
- 44.8% own Ethereum.
- 38% own Dogecoin—meaning roughly 4–5% of all U.S. adults own a joke currency.
Demographics: Meet the "Crypto Bro" — And the Exceptions
Crypto ownership is heavily concentrated among:
- Young men
- Higher-income individuals
- In Canada, Bitcoin holders are three times more likely to be male than female.
- Financial literacy tests show Bitcoin owners often score lower than non-holders.
But there are surprises:
- Both Pew and SHED found crypto owners are more likely to be Asian, followed by Black and Hispanic, and least likely to be white.
- Among low-income households, 5% hold crypto to invest, but 4% use it for remittances—closer to Satoshi Nakamoto’s original vision.
Three Types of U.S. Crypto Holders
Based on the data, we can identify three distinct profiles:
The Casual Speculator
- Young, male, often non-white.
- Holds $50–$200 in Dogecoin or Bitcoin.
- Motivated by price hype; not deeply engaged.
- Unlikely to vote based on crypto policy.
The True Believer
- Young male with significant portfolio allocation (>$2,000).
- Active on social media, advocates for decentralization.
- Small but highly vocal—and politically active.
The Practical User
- Often lower-income.
- Uses crypto for peer-to-peer transfers or remittances.
- Rare but represents real utility beyond speculation.
Frequently Asked Questions (FAQ)
Q: Is it true that 1 in 5 Americans owns cryptocurrency?
A: No. Reputable studies place current ownership between 8% and 13%. The 20% figure is an outlier likely inflated by broad definitions or sampling issues.
Q: Why do most Americans hold crypto?
A: Primarily for investment and price appreciation. Only a small fraction use it for payments or due to distrust in traditional finance.
Q: How much crypto do most owners actually have?
A: The median holding is just $312. Nearly half own less than $200—indicating casual rather than committed adoption.
Q: Are crypto owners mostly rich white men?
A: While ownership skews male and younger, data shows higher adoption among Asian, Black, and Hispanic populations compared to white Americans.
Q: Could crypto become a major voting issue?
A: Not yet. Most holders are casual investors who won’t prioritize crypto in elections. However, the vocal minority may influence policy debates.
Q: Is U.S. adoption growing?
A: Yes—but slowly. From under 1% in 2015 to around 10% today, growth has been steady but not explosive.
Final Thoughts: Adoption Is Real—But Not Revolutionary
While crypto has made meaningful inroads into American finance—with millions now owning some form of digital asset—the narrative of mass adoption is premature. Most holders are small-scale speculators with minimal engagement.
True believers exist, but they’re a minority. Real-world usage remains limited. And despite marketing campaigns suggesting otherwise, crypto is not yet a mainstream financial tool for most Americans.
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The path forward requires more utility, better education, and broader access—not just louder promotion.