The survey, which polled 2,537 Americans, found that over half (55%) of respondents believe cryptocurrencies have practical, real-world uses. This sentiment extends beyond current holders, suggesting a broader acknowledgment of digital assets as a legitimate financial tool. Additionally, 43% of participants view cryptocurrencies as more secure than traditional banking systems, while 52% consider them a promising long-term investment.

However, not all respondents share this optimism. Around 29% remain uncertain about crypto’s future, indicating that skepticism persists, driven by myths and misconceptions about the technology.

Age Groups and Investment Trends

One interesting takeaway of the survey is how crypto perceptions are divided by generation. Middle-aged adults, especially those between the ages of 45–60 years, are the most confident in crypto’s future potential. In fact, 63% of Gen X respondents believe in the practical use cases of digital assets.

This confidence may be attributed to their experiences navigating economic crises such as the 2008 financial meltdown and the COVID-19 epidemic, both of which destroyed trust in traditional financial systems. Generation X’s exposure to both traditional and digital finance has certainly prepared them to understand cryptocurrency’s potential.

Source: Kraken

In contrast, younger generations, including Gen Z (18–29), exhibit lower levels of trust in crypto. Only 32% of this age group see digital currencies as having practical uses, possibly reflecting their limited experience and knowledge of the technology.

Persistent Myths Cloud Public Perception

Despite growing acceptance, misconceptions about crypto persist. The survey revealed that 60% of Americans believe cryptocurrencies are mainly utilized for illegal activities. Contrarily, a study from Chainalysis reported that only 0.34% of crypto transactions in 2024 were linked to illicit activities. Additionally, several studies have mentioned that cash remains the primary tool for criminal enterprises, further highlighting the need for better public education about crypto’s legitimate uses.

Another common myth is the thought that crypto is a Ponzi scheme. Only 8% of respondents held this view—a slow but sure trudge in public understanding. On the other hand, 53% believe that the negative views toward crypto are based on simple ignorance and lack of education. This again emphasizes awareness campaigns to eradicate such misconceptions.

Established Coins Dominate Investor Preferences

The survey also explored investment preferences among crypto holders. Established cryptocurrencies like Bitcoin continue to dominate, with 70% of respondents favoring them over newer or speculative assets. In comparison, only 12% expressed interest in meme coins like Dogecoin, and 17% preferred emerging coins such as Solana.

Bitcoin’s recent rally above $100,000 highlights its allure as a safe haven investment, particularly as President-elect Donald Trump’s incoming administration is sounding crypto-friendly.

Future Challenges and Opportunities

While the survey paints a considerably rosy picture, many challenges remain for the crypto industry. Kraken was earlier this year fined $5.1 million for not meeting the required standards in margin trading practices by Australian regulators. Such instances make it very clear why following global regulatory standards is crucial if people are to trust it enough for mainstream adoption.

The findings by Kraken also align with broader trends. For instance, in the UK, a report by the Financial Conduct Authority showed that more than seven million adults hold crypto assets, further cementing the growing traction of the sector worldwide.

Kraken’s survey mirrors a maturing crypto market with increasing investor confidence, particularly among older generations. Yet, it also emphasizes how much more has to be done in trying to conquer public misconceptions and regulatory hurdles. As the crypto landscape changes with each passing day, education and transparency are crucial for sustaining this momentum and fostering wider adoption in the coming years.