A recent nationwide study conducted by the Bitcoin Policy Institute (BPI) in partnership with polling firm Cygnal and Neighborhood Bitcoin reveals that branding Bitcoin as “digital gold” has little resonance with most Americans. The research highlights the importance of messaging and trust in driving Bitcoin adoption across the country.
Study reveals Americans’ attitudes toward Bitcoin
The BPI study was conducted in three phases between March and June 2026, beginning with a survey of 1,516 registered voters aged 18 to 64. The research categorized respondents into four groups: Curious Fence-Sitters made up 32%, Ideological Rejecters were just under 30%, the Financially Stressed Disengaged accounted for about 20%, and Active Believers represented the smallest segment at 18%.
Researchers then held eight focus groups with around 80 participants who did not own Bitcoin but could be convinced to purchase it. These sessions took place in Columbus, Ohio and Nashville, Tennessee, and were moderated by Cygnal CEO Brent Buchanan. Each group lasted approximately 95 minutes and explored perceptions of Bitcoin, its risks, and potential appeal.
In the final phase, between May 29 and June 2, 2026, researchers conducted a message-validation survey with 1,000 registered voters in the same age group, maintaining a margin of error of 3.10 percentage points. Participants consistently identified control as their top concern related to digital assets. Other priorities included Bitcoin’s performance record, security, ease of access, and usability.
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AAPLTaglines emphasizing financial autonomy, such as “You decide how much” and “You can track the activity yourself,” made the strongest impressions on respondents. Phrases like “freedom money,” which frame Bitcoin as savings insulated from banks or government controls, also proved effective.
Messaging and real-world influence
Contrary to some narratives, describing Bitcoin as “digital gold” failed to resonate or inspire confidence among survey participants. Instead, the research found that Americans respond more positively to personal stories and real-world experiences shared by friends, family, or financial advisors. These insights emerged from both the survey data and observations during the focus groups.
Respondents showed increased interest in Bitcoin ownership after exposure to targeted messaging, with the portion of those “not interested at all” dropping from 39% to 32%, and those describing themselves as “very or extremely interested” rising from 19% to 24%.
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Federal Reserve Bank of Cleveland research
Additional research from the Federal Reserve Bank of Cleveland, published in July 2026 by Michael Weber, Bernardo Candia, Olivier Coibion, and Yuriy Gorodnichenko, helps clarify purchasing trends. Their report examined Nielsen Homescan Panel surveys collected from 2018 to 2025, with sample sizes ranging from 15,000 to 25,000 households per survey round.
This working paper found that Americans’ expectations for Bitcoin returns carry more weight in predicting ownership than demographic factors. For example, in 2021, holders estimated an average 22% annual return, while non-holders expected just 7%.
In a 2025 field experiment, some participants were informed that Bitcoin had delivered a 14.3% return in the prior year. This group subsequently increased their planned cryptocurrency investment by 47% compared to a control group. They were also 23% more likely to purchase crypto in the following survey phase.
U.S. household ownership of Bitcoin climbed from less than 2% in 2018 to approximately 12% by 2025, as ownership drivers increasingly focused on perceived returns and firsthand testimonials.
The findings across both studies highlight that while storytelling and trust play a central role in attracting new Bitcoin owners, Americans are also motivated by control, transparency, and clear performance metrics rather than broad comparisons to gold.
