Four out of five U.S. adults don't currently own any cryptocurrency. To understand what's holding them back from embracing the blockchain, the National Cryptocurrency Association (NCA) surveyed non-holders for its 2025 Crypto Confidence Pulse. The results show that it isn't skepticism keeping most people away: it's uncertainty and a lack of know-how. In fact, nearly one in three have already considered using crypto, but confusion keeps them on the fence.
A wide knowledge gap
Nearly nine in 10 non-holders admit they don't know how to buy, use, or sell crypto, and almost half (49%) cit that lack of understanding as the single biggest barrier. Think of it like unboxing a powerful new gadget with no instructions. You may be intrigued—but without instructions you're probably inclined to shove it back in the box rather than risk pressing the wrong button and breaking something. Until clearer, step-by-step guidance is everywhere, curiosity alone won't flip these numbers. Education isn't a side issue: it's the main hurdle
Trust is unsettled
Once people move past the "How does this even work?" stage, a second question pops up: "Can I really trust this?" Headlines about high-profile exchange hacks and unclear regulations have left many unsure where the safe on-ramps are. The survey makes that hesitation clear:
43% worry about crypto security or fraud
36% don't trust current crypto platforms and exchanges
41% say they don't know who or what is "backing" crypto assets
Misperceptions play a big role here. [76%] of the 55 million Americans that own and use crypto say its had a positive impact on their life, and only 3% of existing holders report negative experiences with crypto, and fewer than one-third of those involve fraud or security breaches (that's less than 1% overall)...yet fears persist.
Until those trust gaps close, even the curious tend to stay on the sidelines.
Five mind-sets, one common thread
Non-holders aren't all the same - they cluster into five general personas, each with it's own mix of motivations and hesitations
Curious: They're leaning in, eager to learn and maybe already exploring wallets or tokens - and 42% of this group are likely to acquire crypto this year
Cautious: Interested but still gathering facts, they prefer to watch friends or family succeed before jumping in themselves
Trendwatchers: Following headlines from a distance, they worry crypto could fade but will reconsider if it proves staying power.
Traditionalists: Comfortable with stocks, bonds, and savings accounts, they see no pressing reason to change what already works.
Skeptics: Put off by stories of hacks or scams, they doubt crypto's safety until they see stronger consumer protections.
Despite their differences, every group circles back to the same trio of barriers: limited familiarity, fear of fraud, and uncertainty about everyday use. Address those pain points, and the path to broader adoption clears for all.
Crypto isn't a dinner-table topic (yet)
Only 14% of non-holders have ever talked about crypto with friends or family. That silence is hardly surprising. Jargon like "gas fees" and headlines about hacks can make the subject feel intimidating, so many people steer clear rather than risk feeling uninformed.
Yet the same survey shows that the moment a real-world conversation happens, interest rises sharply: the small group who have discussed crypto are far more willing to give it a try.
Skepticism is nuanced
Only 14% of non-holders think crypto is a scam, and just 10% dismiss it as a passing fad. Their hesitation is practical. They want clear guidance on everyday matters: straightforward tax checklists at filing time, step-by-step wallet-security instructions, and plain-English explanations of who backs each stablecoin or exchange.
In short, solid answers are the key to transforming curiosity into first-time ownership.
FOMO and curiosity co-exist
Among non-holders who still want to learn more about crypto, emotions are mixed. While 80% consider crypto a legitimate asset, half worry they've "missed the boat" and 68% are curious but don't know where to begin. Regardless, almost half (42%) of this group are likely to acquire crypto this year.
They takeaway: a large, motivated audience is waiting for clarity so they can feel comfortable taking their first steps. They need simple how-tos, trusted on-ramps, and real-life use cases to convert their curiosity into confidence and begin dipping their toes into crypto.
Turning findings into action
The path forward is clear: we must meet people where their questions begin. The NCA is rolling out plain-English explainers and an expanded Learning Hub to do exactly that, but here's how anyone in the industry can help:
Demystify the basics. Almost everyone who stays out of crypto cites a lack of understanding as the #1 reason why. Short, jargon-free explainers on wallets, private keys, and everyday payments can help bridge that gap.
Show real-world utility. Nearly a quarter (23%) of non-holders say they'd use crypto to pay for goods and services, but many don't realize they already can at thousands of merchants. Spotlighting simple use cases like shopping turns new digital tools into something tangible.
Lead with security walk-throughs. Demos of two-factor authentication, hardware-wallet storage, and trustworthy on-ramps replace vague reassurances with safety steps people can follow.
Spark conversation. Shareable graphics and myth-busting videos give early adopters something to pass along, fueling discussions that can also help move curiosity into confidence.
The NCA's new resources tackle each of these pain points, proving that when understanding rises, barriers fall—and the next wave of holders can step in with eyes open and wallets secure.
Final thoughts
Crypto's next wave will be powered by everyday individuals and businesses who need to see clear instructions, trusted sources, and visible benefits. The 2025 Crypto Confidence Pulse pinpoints exactly what they are missing and shows educators, platforms, and policymakers where to concentrate their efforts.
The promise of crypto hasn't changed: it offers open value transfer to anyone with an internet connection. What still needs work is how clearly that promise is explained. The more we can share simple and straightforward resources, the quicker we can turn today's crypto hesitation into tomorrow's widespread adoption.
About the study
The online survey of 2,000 U.S. adults who do not own crypto was conduction May 22-30, 2025, by The Harris Poll for the NCA. Results are accurate to a ± 2.9 percentage points at a 95% confidence level and weighted to reflect national demographics.