A national study published by the Bitcoin Policy Institute (BPI) reveals that the most frequently repeated argument for Bitcoin—that it functions as 'digital gold'—resonates little with ordinary Americans.
Research from the Bitcoin Policy Institute and the Federal Reserve Bank of Cleveland shows that Bitcoin's growth is based on storytelling and trust.
What Would Make Americans Buy Bitcoin?
The Bitcoin Policy Institute (BPI) published the results of a nationwide study which shows that calling Bitcoin 'digital gold' is an ineffective marketing pitch for Americans.
The project was conducted by BPI in partnership with the polling firm Cygnal and the Neighborhood Bitcoin group. It consisted of three phases from March to June 2026, beginning with a survey of 1,516 registered voters aged 18 to 64.
32% of participants were categorized as 'Curious but Hesitant,' about 30% as 'Ideological Opponents,' and about 20% as 'Financially Dissatisfied.' The smallest group was 'Active Advocates,' at about 18%.
In the second phase, researchers conducted eight focus groups with approximately 80 people who did not own Bitcoin but could be persuaded to buy it. The sessions took place in Columbus, Ohio, and Nashville, Tennessee, each lasting about 95 minutes and led by Cygnal CEO Brent Buchanan.
In the final phase, researchers conducted a message testing survey from May 29 to June 2, 2026. The poll involved 1,000 registered voters aged 18 to 64, with a margin of error of plus or minus 3.10 percentage points.
They stated that their primary concern was control over the digital asset, followed by proven performance, security, accessibility, and ease of use.
The most effective impressions came from control-based slogans, such as phrases like 'You decide how much' and 'You can track activity.' Slogans like 'money freedom,' describing Bitcoin as savings that neither a bank nor the government can freeze or inflate, also performed well.
The framing as 'digital gold' did not make the list of effective narratives.
The study also found that the next generation of buyers is much more receptive to hearing Bitcoin stories from ordinary holders, such as friends, family, or financial advisors sharing their experiences. This conclusion was drawn from the survey and confirmed across all eight focus groups.
Notably, after voters viewed the 19 tested messages, the share of those who said they were 'not at all interested' in owning Bitcoin decreased from 39% to 32%, while the group that was 'very or extremely interested' increased from 19% to 24%.
What Drives Bitcoin Ownership?
In a separate academic paper published by the Federal Reserve Bank of Cleveland in July 2026, authored by Michael Weber, Bernardo Candia, Olivier Coibion, and Yuriy Gorodnichenko, data from Nielsen Homescan Panel surveys from 2018 to 2025 was used, involving 15,000 to 25,000 households in each wave.
The paper 'Do You Even Crypto, Bro? Cryptocurrencies in Household Finance' found that expected returns on Bitcoin explain more of the variation in its ownership than all demographic variables combined. For instance, in 2021, holders expected an annual return of 22%, while non-holders expected only 7%.
In an experiment conducted in 2025, researchers informed one group of participants about Bitcoin's 14.3% return over the previous year.
Compared to a control group that did not receive this information, participants in this study increased their planned cryptocurrency investments by roughly 47%. Furthermore, in a follow-up survey, they were approximately 23% more likely to actually purchase cryptocurrency. U.S. household cryptocurrency ownership also rose from less than 2% in 2018 to about 12% by 2025.
