- About 10% of Americans used crypto in 2025, marking the highest adoption level since 2022.
- Crypto payments remained limited, but unbanked Americans showed higher transaction usage rates.
- Fed leadership shifted to Kevin Warsh as rate cut expectations declined across markets.
Crypto usage among Americans increased in 2025, reaching its highest level since 2022, according to new data released by the Federal Reserve.
The report showed that around 1 in 10 U.S. adults used cryptocurrency in some form during the year, indicating a recovery in adoption after lower participation levels in 2023 and 2024. While investment activity remained the primary use case, the findings also showed continued growth in crypto-related payments and transfers, particularly among unbanked consumers.
The Federal Reserve’s annual report on the economic well-being of U.S. households found that 10% of adults used crypto for investment, payments, or money transfers in 2025. The figure rose from previous years but remained below the 12% peak recorded in 2021.
Investment Activity Continued to Lead Crypto Usage
According to the report, around 9% of respondents said they used cryptocurrency as an investment asset. Meanwhile, 2% reported using crypto for purchases or payments, while another 1% said they used digital assets to send money to family members or friends.
The report also highlighted higher crypto transaction activity among unbanked Americans. About 6% of unbanked adults reported using crypto for transactions, compared with 2% of adults who maintained traditional banking relationships. Federal Reserve data showed that approximately 6% of Americans were unbanked in 2025.
Among consumers who used crypto for payments, more than one-quarter said businesses preferred receiving payment in cryptocurrency. Respondents cited transaction speed, privacy, and lower costs as the main reasons businesses favored crypto payments.
Fed Leadership Change Draws Market Attention
The report was released as leadership at the Federal Reserve shifted from Jerome Powell to newly confirmed Chair Kevin Warsh. Powell’s term officially ended on Friday after years of cautious regulatory positioning toward cryptocurrency markets.
Warsh, who previously served as a Federal Reserve governor between 2006 and 2011, has previously compared Bitcoin to gold and said the asset could provide market stability. His appointment has drawn attention from crypto market participants because of his public comments on Bitcoin and monetary policy.
At the same time, market expectations for near-term Federal Reserve rate cuts declined. According to Kalshi, the odds of a rate cut before 2027 dropped to 38.2%, down from 96% in February. CME FedWatch data also indicated a 98.8% probability that rates would remain unchanged through June.
Related: Fed Nominee Kevin Warsh Reveals Crypto-Linked Investments in Financial Filing
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