Senator JD Vance has positioned himself as one of the few vocal crypto advocates in Washington, saying that digital currencies can empower everyday Americans. But there’s a gap between the promise and the reality: how many people are actually using crypto?
JD Vance’s Case for Crypto
Vance, a Republican from Ohio and author of Hillbilly Elegy, has spoken in favor of cryptocurrency as a financial equalizer. In his view, crypto offers Americans an alternative to a banking system that, he argues, has failed middle- and working-class people.
His support isn’t just ideological. Vance has disclosed crypto investments, and he’s aligned with tech-forward figures like Peter Thiel. He’s argued that crypto could give people more control over their money, especially those excluded from traditional finance.
But the key question is: Are everyday Americans actually using it?
So, How Many Americans Use Crypto?
According to a 2023 Pew Research Center study, only about 17% of U.S. adults say they have ever invested in, traded, or used cryptocurrency. And that number has remained fairly stable since 2021, even with wild price swings and increased media attention.
When it comes to active usage, the numbers are lower. A report by the Federal Reserve found that just 3% of U.S. adults used crypto for purchases or money transfers in the past year. The majority still see it as an investment rather than a utility.
That’s a long way from mass adoption.
Who’s Actually Using It?
The data shows that crypto users tend to be:
- Younger (18–29 years old)
- Male
- More tech-savvy
- Higher income or already investing in traditional assets
In other words, not necessarily the struggling Americans Vance talks about. While some people in underserved communities are using crypto for remittances or access to alternative banking tools, it’s far from widespread.
Can Crypto Still Deliver on Its Promise?
Crypto might still help everyday Americans — just not in the way it’s often pitched.
Blockchain technology has potential in areas like:
- Lowering transaction fees for remittances
- Offering financial tools without needing a bank account
- Protecting assets in unstable economic conditions
But these use cases require more infrastructure, education, and trust than what currently exists. Regulatory uncertainty and scams have also scared off many would-be users.
Bottom Line
JD Vance is right to point out that crypto could help reshape finance. But the numbers show that very few Americans are actively using it. For crypto to fulfill its potential for everyday users, it needs to become more practical, more trustworthy, and frankly, more boring.
