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Freedom251 › Blog › crypto adoption

Crypto Became Easier to Buy, but Not More Common to Spend

By Freedom251 Team · · 3 min read

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Digital platforms helped make cryptocurrency more visible and easier to access, especially by giving people a direct route to buying and trading it. But visibility is not the same as understanding, and investment ownership is not the same as everyday use: US survey data show far more people held crypto as an investment than used it to pay.

How did digital platforms help cryptocurrency become popular?

Platforms contributed in two distinct ways: exchange apps made market access more convenient, while online channels spread information, discussion and market narratives. These functions can reinforce one another, but the evidence does not establish that social media alone caused cryptocurrency’s popularity.

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Exchange apps reduced the friction of entering the market

Buying crypto through an exchange app can turn interest into a practical opportunity to acquire it. In the UK Financial Conduct Authority’s survey, conducted in August and September 2025, 73% of cryptoasset users said they used a centralized exchange to obtain cryptoassets. That was four percentage points higher than in 2024. The figure describes acquisition among users, not the share of the UK public who own crypto. FCA, Cryptoassets consumer research 2025.

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Price movements and app entry can feed into each other

A Bank for International Settlements working paper analyzed exchange-app use across 95 countries from 2015 through 2022. It found that rising Bitcoin prices were followed by new users entering exchange apps; analysis using two external price shocks also found significant effects on entry. The authors interpret the results as evidence that price movements can drive adoption through feedback trading: price rises attract new entrants, whose activity may in turn contribute to market attention and trading.

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This is evidence about a mechanism in the paper’s dataset and period, not proof that apps alone caused durable mass adoption or a current measure of app use. The authors also estimate that roughly three-quarters of retail entrants likely lost money on their initial investment; that is their estimate, not an observed loss rate for every individual entrant. BIS working paper on crypto trading and Bitcoin prices.

How did social media influence cryptocurrency adoption?

Social and digital channels can spread news, opinions and market narratives, making crypto more visible to people who might not otherwise encounter it. However, the evidence available here does not quantify how much social-media exposure causes people to adopt cryptocurrency. Attention may accompany price changes and app entry without being their sole cause.

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A 2024 De Nederlandsche Bank working paper, based on Dutch household research, reports that relying on social media or friends does not improve people’s knowledge about cryptocurrencies. This finding is limited to that study’s data; it should not be generalized to every platform, user or kind of online information. Reach can increase without a corresponding increase in understanding. De Nederlandsche Bank working paper on household knowledge.

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Does cryptocurrency popularity mean people use it for payments?

No. Survey measures of awareness, ownership and use describe different behaviors. In the Federal Reserve’s 2025 survey of US adults, 9% reported buying or holding cryptocurrency as an investment, while 2% said they used it to buy something or make a payment and 1% said they sent it to friends or family. Respondents could select more than one use. The results show that investment was much more common than these reported transaction uses in that survey. Federal Reserve, Economic Well-Being of U.S. Households in 2025.

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A separate Kansas City Fed briefing reports that the share of US consumers using cryptocurrency for payments was below 2% in both 2023 and 2024. Its measure reinforces the distinction between interest or ownership and payment use; it does not mean that no one uses crypto for transactions. Federal Reserve Bank of Kansas City, U.S. Consumers’ Use of Cryptocurrency for Payments.

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What do the popularity figures actually measure?

Measure Finding What it tells you
Public awareness 91% of the UK public in the FCA’s 2025 survey People had heard of cryptoassets; awareness alone does not show ownership or use.
Acquisition channel 73% of UK cryptoasset users used a centralized exchange in 2025, four percentage points above 2024 Among users, exchanges were a common route to obtaining cryptoassets.
Investment ownership 9% of US adults bought or held crypto as an investment in 2025 A measure of investment behavior, not payment adoption.
Payment and transfers 2% of US adults used crypto to buy something or make a payment; 1% sent it to friends or family in 2025 Reported transaction uses were less common than investment in the Federal Reserve survey.

The UK figures come from FCA fieldwork in August–September 2025; the ownership and use figures come from a Federal Reserve survey about US adults’ financial lives in 2025. Their populations and questions differ, so they should not be treated as directly comparable adoption rates.

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