Everyone expected a Bitcoin investing boom. Why it never came. - USA Today

What the report says

USA Today reports that the expected surge in U.S. cryptocurrency investing has not materialized, despite expanded access through spot Bitcoin exchange-traded funds, policy attention from the Trump administration and a strong rally that lifted Bitcoin to record levels in 2025. Citing a July 9 Urban Institute report based on a January survey of more than 3,000 adults, the article says about 17% of American adults have ever owned crypto, while only about 9% currently do.

The report suggests many past buyers have left the market. USA Today notes that Federal Reserve survey data points in a similar direction, with 10% of adults using cryptocurrency in 2025, down from a 2021 peak of 12%. That remains far below stock ownership, which the article places at about 62% of Americans. Analysts quoted by USA Today said crypto is still viewed as a niche and volatile asset class, limiting its appeal to mainstream investors.

The article places the slowdown against a backdrop of greater official acceptance. Regulators allowed spot Bitcoin ETFs in January 2024, and President Donald Trump has promoted digital assets, including through calls for federal rules and discussion of a national crypto stockpile. USA Today also reports that Trump’s Labor Department proposed easing barriers to crypto and other alternative assets in retirement plans, a move critics say could expose savers to products they may not fully understand.

Bitcoin’s decline from about $125,000 in October 2025 to roughly $65,000 in late July 2026 is presented as a major reason for caution. The Urban Institute found current holders often cite diversification, interest in technology or belief in digital currency’s future, while former holders were more likely to have been seeking gains and to have exited after losses.