The claim that one in five American adults owns cryptocurrency has been making headlines—most notably promoted by Coinbase as part of its “Americans Love Crypto” campaign. According to the exchange, 52 million U.S. adults, or 20%, currently hold digital assets. If true, this would position crypto holders as a powerful voting bloc with growing political influence.
But is this figure accurate? Multiple independent surveys suggest otherwise. While cryptocurrency adoption in the U.S. is rising, the data paints a far more nuanced picture than the bold headlines imply.
Let’s examine the most credible sources on crypto ownership in America, compare their findings, and uncover who really holds crypto, how much they own, and why.
🔍 Key Surveys on U.S. Crypto Adoption
1. Federal Reserve’s SDCPC Survey: 9.6% Ownership in 2022
The Survey and Diary of Consumer Payment Choice (SDCPC), conducted by the Federal Reserve and managed by the Understanding America Study at USC, is one of the most rigorous long-term studies on consumer financial behavior. Since 2014, it has included questions about cryptocurrency ownership.
In its 2022 iteration, the survey reached over 4,761 participants and combined both a traditional questionnaire and a three-day spending diary—a method designed to reduce recall bias and improve accuracy.
The results? 9.6% of U.S. adults owned cryptocurrency in 2022, up slightly from 9.1% in 2021 but still far below Coinbase’s claimed 20%. This number represents a significant increase from just 0.6% in 2015, showing steady growth over the past decade.
👉 Discover how real-world crypto adoption compares to the hype.
2. Federal Reserve’s SHED Survey: 8–10% Usage Rate
Another authoritative source is the Federal Reserve’s annual Survey of Household Economics and Decisionmaking (SHED), which explores broader financial behaviors across American households.
In 2022, SHED surveyed 11,667 adults using Ipsos KnowledgePanel. It found that 10% had used cryptocurrency—defined as buying, holding, sending, or using it for payments—down from 12% in 2021. More specifically, only 8% held crypto as an investment, a narrower metric than general usage.
This aligns closely with the SDCPC’s findings and contradicts the 20% figure cited by Coinbase.
3. Nielsen Homescan Data: 12% of Households Hold Crypto
A research team including Weber, Candia, Coibion, and Gorodnichenko analyzed quarterly data from Nielsen Homescan, a panel of 80,000 households with response rates between 20–25%. Their analysis showed that by the end of 2022, 12% of U.S. households owned cryptocurrency—slightly higher than federal surveys but still well under the 20% threshold.
This dataset provides strong external validation and suggests moderate but consistent adoption across household demographics.
4. Pew Research Center: 17% Have Ever Used Crypto
Pew’s March 2023 survey of over 10,700 adults found that 17% of Americans have ever invested in, traded, or used cryptocurrency. However, this category includes anyone who dabbled briefly—even those who bought $25 worth of Bitcoin years ago and sold it days later.
When Pew dug deeper, they found that 69% of past users still hold crypto today, meaning current ownership stands at approximately 11–12%—again, significantly lower than Coinbase’s claim.
5. Canadian Cross-Check: Consistent with U.S. Trends
Given cultural and economic similarities, Canadian data offers a useful benchmark. Two major surveys provide insight:
- The Bank of Canada’s Bitcoin Omnibus Survey (BTCOS) found 10% of Canadians owned Bitcoin in 2022 (down from 13%), with additional holdings in Ethereum (4%) and Dogecoin (3.5%).
- The Ontario Securities Commission reported 13% of Canadians currently owned some form of crypto, including crypto ETFs legal in Canada but not in the U.S.
These numbers align with U.S. trends and further undermine the outlier status of Coinbase’s 20% statistic.
📊 So What’s the Real Crypto Ownership Rate?
After reviewing five major data sources—including two from the Federal Reserve, academic research, a nonprofit think tank, and international comparisons—the consensus is clear:
Between 8% and 13% of American adults currently own cryptocurrency, with most estimates clustering around 9–12%.
Coinbase’s claim of 20% appears to be a significant overstatement—likely influenced by sampling bias or promotional intent. While Morning Consult conducted the original survey, its results—such as claiming 8% of Americans hold USDC and 5% hold USDT—are implausible given stablecoin usage patterns and market realities.
💰 How Much Do Crypto Owners Actually Hold?
Ownership doesn’t tell the whole story—scale matters.
According to SDCPC data:
- 45% of U.S. crypto owners held $0–$200 worth in 2022.
- The median holding was just $312.
- Only 25% held more than $2,000, qualifying them as what some call “crypto fundamentalists.”
This skewed distribution suggests most Americans aren’t deeply invested—literally or figuratively—in digital assets. For many, crypto remains a speculative side bet rather than a core financial strategy.
Weber et al.’s analysis confirms this: while a small group (about 8%) allocates their entire portfolio to crypto, the vast majority invest only 0–5% of their assets into digital currencies.
🎯 Why Do Americans Own Cryptocurrency?
Despite being called “currency,” crypto is rarely used for payments.
When asked about their primary motivation:
- 67% cited investment potential (SDCPC).
- 21% said they were interested in new technology.
- Few mentioned payment-related use cases.
- Distrust in banks, government, or the dollar was rarely cited as a main driver—contrary to common narratives.
Interestingly, this wasn’t always the case. Back in 2014, motivations included cross-border payments and distrust in traditional systems. Today, price appreciation dominates.
SHED data adds nuance: while investment remains king, about 2% of users send crypto to friends or family, suggesting remittance use exists—even if minor.
🪙 What Types of Crypto Are Americans Holding?
Bitcoin leads the pack:
- 70% of holders own BTC (Weber et al.), followed by Ethereum (~45%) and Dogecoin (~40%).
- SDCPC data shows 65% hold Bitcoin, 44.8% Ethereum, and 38% Dogecoin.
That means roughly 4–5% of all Americans own Dogecoin—a meme coin launched as a joke in 2013.
👥 Who Are the Typical Crypto Owners?
They’re often young, male, higher-income—and increasingly non-white.
- Canadian data shows a 3:1 male-to-female ratio among Bitcoin holders.
- Financial literacy tests reveal crypto owners often score lower than non-holders.
- Pew and SHED both found Asian Americans are most likely to own crypto, followed by Black and Hispanic individuals—challenging the stereotype that only wealthy white men participate.
SHED also found that among low-income households:
- 5% hold crypto for investment.
- 4% use it for money transfers—a real-world use case closer to Bitcoin’s original vision.
🧩 Three Archetypes of American Crypto Holders
Based on the data, we can identify three distinct profiles:
- The Casual Speculator: A young, affluent man who owns small amounts of Dogecoin or Bitcoin purely for price gains. Likely indifferent to policy issues.
- The Crypto Fundamentalist: A passionate advocate who invests heavily and actively promotes digital assets online. Small in number but highly vocal and politically engaged.
- The Practical User: A lower-income individual using crypto for peer-to-peer transfers—rare but aligned with Satoshi Nakamoto’s original intent.
❓ Frequently Asked Questions (FAQ)
Q: Is it true that 1 in 5 Americans owns cryptocurrency?
A: No. Reputable surveys show ownership rates between 8% and 13%, not 20%.
Q: Why does Coinbase claim such a high number?
A: Their figure comes from a single survey they sponsored. Independent studies consistently report lower adoption rates.
Q: Are people using crypto for everyday payments?
A: Rarely. Over two-thirds hold it for investment; few use it for purchases or remittances.
Q: Who is most likely to own cryptocurrency?
A: Younger males with higher incomes—but Asian, Black, and Hispanic Americans are also overrepresented compared to white users.
Q: How much do most people invest in crypto?
A: Half own less than $312 worth. Only a quarter hold over $2,000.
Q: Could crypto owners become a political force?
A: Possibly—but only if fundamentalists and active users organize around policy issues beyond speculation.
👉 See how real adoption trends shape the future of finance.
✅ Final Takeaway
Cryptocurrency adoption in America is real—but not revolutionary. With around 1 in 10 adults holding digital assets, it's growing steadily but remains a niche interest for most. The dominant narrative of widespread use for payments or financial rebellion doesn’t match reality: investment is king, and most holdings are small.
Still, even at 10%, that’s tens of millions of people—a community that could gain influence if mobilized around shared goals like regulation, innovation, or financial inclusion.
For now, though, the idea that crypto owners are a unified political bloc is more myth than fact.
👉 Stay ahead of the curve—explore accurate insights on crypto adoption today.