MIAMI — More than two in five Americans say they would be more likely to open an account with a bank offering cryptocurrency services or use it for more of their financial needs, according to a survey released by the National Cryptocurrency Association.
The survey, conducted by The Harris Poll, also found that 64% of consumers said no one at their bank, credit union or financial adviser’s office had raised the subject of cryptocurrency. Another 43% did not know whether their bank offered crypto services.
The findings suggest an opportunity for financial institutions to discuss cryptocurrency products and provide education, the association said.
“While crypto platforms are increasingly offering access to traditional financial services, Americans expect the financial institutions they already know and trust to also offer crypto access,” said Stuart Alderoty, the association’s president.
Interest In Crypto Services
Overall, 42% of respondents said a bank’s cryptocurrency offerings would make them more likely to open an account or use the institution for additional financial needs. Separately, 35% said they would be more likely to open an account, while 36% would be more likely to expand their use of the institution.
Those more likely to open an account outnumbered those less likely to do so, 35% to 18%, according to the report.
The combined measure of interest in opening an account or expanding an existing relationship was highest among:
- Parents of children younger than 18: 62%.
- Adults ages 35 to 44: 58%.
- Hispanic adults: 57%.
- Black adults: 56%.
- Adults ages 18 to 34: 54%.
Among potential offerings, 22% expressed interest in cryptocurrency exchange-traded funds or other funds, and an equal share wanted the ability to buy and hold cryptocurrency. Another 19% expressed interest in digital stocks, bonds or real estate.
The association said 29% wanted to purchase cryptocurrency through banks, brokerages or retirement accounts.
Financial Institutions Viewed As Trusted Sources
Nearly two-thirds of respondents, 64%, said they were very or somewhat confident that banks or credit unions could provide reliable cryptocurrency guidance. Financial advisers ranked slightly higher, at 67%.
Other sources respondents expressed confidence in included cryptocurrency education organizations and crypto exchanges or platforms, both at 63%; online brokerages, 58%; financial news media, 55%; friends, family or colleagues, 47%; and social media or online communities, 39%.
When banks or advisers raised the subject, respondents reported recommendations in favor of cryptocurrency more often than advice against it, 52% to 12%, according to the association.
“When people have questions about crypto, they aren’t looking for hype. They want clear, trustworthy answers from the institutions they rely on,” said Ali Tager, the association’s vice president of external affairs.
Expectations For Adoption
The survey found 59% of Americans would be very or somewhat comfortable with their primary bank holding cryptocurrency on their behalf.
Meanwhile, 60% expected most U.S. banks to offer cryptocurrency within the next decade. That figure rose to 74% among adults ages 18 to 34.
The Harris Poll conducted the online survey Sept. 15-16 among 2,017 U.S. adults on behalf of the National Cryptocurrency Association; a nonprofit organization focused on consumer cryptocurrency education.
