Consumers Return to Crypto Despite Cautious Price Outlook

The poll of 3,400 consumers across the US, UK and EU, conducted by analysts Marion Laboure and Camilla Siazon, reveals direct ownership rebounding sharply in America while remaining steady or slightly lower elsewhere. The data points to a maturing market in which participation is outpacing speculative conviction.

US ownership surges to 31mn adults

US crypto adoption recovered to 12% in March 2026 – equating to roughly 31mn adults – climbing from a February low of 7% and returning to July 2025 levels. The rebound coincided with Bitcoin’s 2.2% price recovery and approximately $1.3bn in net inflows into US spot Bitcoin exchange-traded funds (ETFs) that month. By contrast, UK ownership stood at 9% and EU adoption held steady at 7%.

Bitcoin remains dominant choice

Bitcoin, the original and largest cryptocurrency by market value, continues to dominate, with around 70% of crypto investors across all regions holding it – far ahead of Ethereum (ETH), the leading smart-contract platform, or major dollar-pegged stablecoins such as Tether (USDT) and USDC. It also ranks as the top pick for future investment, selected by 69% of US respondents, 56% in the UK and 53% in the EU.

Traditional assets retain stronger appeal in Europe. Gold leads preferences across short-, medium- and long-term horizons in the UK and EU, while the S&P 500 index also outperforms crypto in most time frames. The gap narrows markedly in the US, where BTC competes directly with both gold and equities, particularly over the next 12 months.

Demographically, ownership splits relatively evenly between the 18-34 and 35-54 age groups in the US and EU, though young UK consumers (18-34) posted the largest gain. Men still lead overall, but female participation rose across all regions in March.

Price expectations turn sharply bearish

Sentiment on Bitcoin’s path is guarded. Only 3% of US respondents, 4% in the UK and 1% in the EU anticipate the asset reaching or exceeding $120,000 by end-2026. US consumers proved the most pessimistic, with 13% forecasting prices below $20,000 and another 19% between $20,000 and $60,000. Nearly half of participants across regions said they had "no idea" or could not predict.

With Bitcoin trading around $75,300 at 13:00UTC on 20 Apr, even the modest optimistic forecasts imply limited upside, while bearish views signal substantial downside risk.

Laboure and Siazon note that "consumers continue to favour the S&P 500 index and gold over Bitcoin, though the gap is narrower in the US." The divergence between rising ownership and muted price conviction reflects lingering caution after 2025’s volatility and post-ETF inflow normalization. While the consumer survey does not include onchain metrics (blockchain activity indicators such as active addresses and transaction volumes), the retail rebound complements broader market recovery signals.

Regional policy differences help explain America’s lead. The US has benefited from a more constructive stance in recent years, including spot Bitcoin ETF approvals that boosted accessibility, with the proposed CLARITY Act - legislation aimed at providing regulatory clarity for digital assets - potentially offering further certainty. Europe, meanwhile, continues its rollout of the stricter Markets in Crypto-Assets (MiCA) regulation.

This environment could foster steadier institutional flows rather than boom-bust cycles. Upcoming catalysts – including potential Federal Reserve rate cuts, the anticipated Glamsterdam Ethereum network upgrade expected in the first half of 2026, and possible US political shifts around crypto policy – may help bridge the sentiment gap and support longer-term adoption.

Deutsche Bank’s regular tracking shows earlier surveys captured deeper scepticism following market drawdowns. The latest results indicate wariness has eased on the ownership front, even if price enthusiasm has yet to rebound fully.