Study Finds Republicans and Texans Lead the Charge in U.S. Crypto Adoption

New research from the University of Pennsylvania reveals striking patterns in cryptocurrency adoption across political and regional lines in the United States. According to the study, Republicans are significantly more likely than Democrats to invest in crypto, and states like Texas show higher enthusiasm for Bitcoin compared to regions like the Pacific Northwest.This research provides insight into why President-elect Donald Trump has embraced a pro-crypto stance, with analysts suggesting his position aligns with the preferences of his base.

The study, conducted over two years and based on surveys of more than 22,000 Americans, highlights the following key findings:

  • Republicans are more likely than Democrats to own cryptocurrency, by a margin of 41% to 32%.

  • Conservatives exhibit greater confidence in crypto compared to liberals.

  • Cryptocurrency is most popular in Texas and the Southeast, while it sees less interest in the Northeast (e.g., Connecticut, New Hampshire) and the Pacific Northwest.

According to David Reibstein, a marketing professor at Penn’s Wharton School and a participant in the research, this trend reflects a deeper ideological link. “Republicans favor decentralization, and crypto’s lack of reliance on governments or banks aligns with their preference for limited central authority,” Reibstein explained.

Who is Investing in Crypto?

The study paints a detailed demographic picture of the typical American crypto investor.

  • Men are more than twice as likely as women to own cryptocurrency.

  • Millennials (ages 25–44) are the most avid crypto investors, followed by Generation X and younger baby boomers (ages 45–64).

  • Seniors (65+) and young adults (18–24) are the least likely to own crypto, albeit for different reasons. Older Americans often mistrust crypto, while younger adults may lack the financial resources to invest.

Crypto’s Role in Everyday Life: Currency vs. Investment

The research also explored whether Americans see cryptocurrency as a currency or an investment. While 54% of respondents said they felt comfortable making online purchases with crypto, only 7% expressed willingness to receive their salaries in digital assets.“There are about 38,000 ATMs in the U.S. that accept crypto,” Reibstein noted, adding that this growing infrastructure could push Americans to see crypto more as a currency over time.

Crypto’s Appeal to Republicans

Reibstein links Republicans’ crypto enthusiasm to its decentralized nature. Cryptocurrency operates on blockchain technology, which eliminates the need for central authorities like banks or governments. This resonates with conservative principles favoring limited government intervention.“Decentralization and political affiliation are hard to separate,” Reibstein said. As more states explore blockchain-based systems, this alignment between ideology and technology is likely to deepen.

Conclusion

The Penn study underscores the intersection of politics, demographics, and regional preferences in shaping America’s crypto landscape. With Republicans, Millennials, and Texans leading the charge, cryptocurrency adoption reflects broader societal trends that extend beyond finance. As infrastructure like crypto ATMs grows and public understanding improves, the divide between crypto as a currency and an investment may narrow, influencing how Americans interact with digital assets in the years ahead.