What Bitcoin Did
The State of Bitcoin Adoption | Troy Cross & Ella Hough
- Troy Cross and Ella Hough released comprehensive Bitcoin adoption surveys in the U.S., with Ella's Cornell study extending globally across 25 countries; ownership in the U.S. stands at approximately 48–49 million adults (18.6% of population).
- Self-custody holds 22% of Bitcoin owners (11 million Americans), challenging assumptions about Bitcoin's technical user base; 4.1% of the entire U.S. population now self-custody Bitcoin.
- Bitcoin ownership is geographically and politically diverse; Hispanic and Black Americans own Bitcoin at considerably higher rates than white Americans, driven by financial exclusion and currency instability rather than political alignment.
- Political sentiment toward Bitcoin shifted rightward between 2024 and 2025, while overall sentiment declined despite massive institutional wins, price doubling, and Trump's strategic Bitcoin reserve announcement.
- Bitcoin awareness and knowledge remain dangerously low; only 5% of Americans know the 21-million supply cap exists, despite 49 million claiming ownership.
- Gen Z adoption lags significantly and faces adoption barriers including unit bias (high price perception) and lack of compelling narratives around hope and personal agency.