10% of Americans used crypto in 2025, highest since 2022: Fed survey

The US Federal Reserve reported that 10% of Americans invested in or used cryptocurrency for payments in 2025, the highest adoption rate since 2022. The data comes from the Fed's annual Survey of Household Economics and Decisionmaking, which tracks consumer behavior in digital assets. This marks an increase from 2024 levels but remains below the peak of 2021, when crypto retail adoption surged amid a bull market. Among those who used crypto for payments, over 25% cited merchant preference as the reason, highlighting speed, privacy and lower costs. The rebound in adoption suggests growing mainstream acceptance, though it still trails the 2021 highs. For crypto traders, rising retail participation often correlates with increased market liquidity and volatility, which can present both opportunities and risks. Live crypto prices and charts on NowPrice show how the market is reacting to this macro sentiment shift.

The 2025 uptick comes amid a broader crypto market cycle shaped by the 2024 Bitcoin halving, which historically reduces miner rewards and tightens supply, often leading to price appreciation over the following 12-18 months. ETF flow dynamics also play a role: spot Bitcoin ETFs, approved in early 2024, have seen consistent net inflows, providing institutional demand that supports prices. Miner break-even economics are critical here—post-halving, less efficient miners may be forced to sell holdings, but if Bitcoin stays above key cost levels, selling pressure eases. On-chain data shows whale concentration remains high, with large holders controlling a significant share of supply, which can amplify price swings. Meanwhile, Bitcoin dominance has risen above 55%, indicating capital rotation from altcoins into BTC during risk-off periods. Exchange reserve drawdowns, where Bitcoin is moved off exchanges to cold storage, signal reduced selling pressure and long-term holder conviction. These factors collectively suggest that the Fed's survey reflects not just retail sentiment but a maturing market with structural supports.

Looking ahead, the Fed's next survey will be closely watched for further adoption trends. Regulatory clarity and the performance of major cryptocurrencies like Bitcoin and Ethereum could influence whether 2025 marks a sustained recovery or a temporary bounce. Traders should monitor on-chain metrics and exchange flows for signs of retail accumulation. Additionally, macroeconomic factors such as US Treasury yields and the DXY index correlate with crypto: rising yields and a strong dollar typically pressure risk assets, while a weakening dollar or falling yields can boost crypto demand. If the Fed signals rate cuts later in 2025, that could further accelerate adoption. The interplay between retail participation, institutional flows, and macro conditions will determine if the 10% figure becomes a new baseline or a cyclical peak.