According to Protocol Theory, young Americans increasingly choose cryptocurrencies because they perceive greater control and transparency than traditional banks.

Survey findings

Protocol Theory reports that 49% of Gen Z respondents have used cryptocurrency exchanges, while 37% report owning or using crypto assets.

The study shows a mixed approach to custody: 56% of young people prefer to store assets themselves, yet 51% are open to banks and regulated services.

Generational comparison

The survey highlights a generational gap in trust: 22% of Gen Z (1997–2012) and 24% of millennials (1981–1996) trust cryptocurrencies.

By contrast, trust levels drop to 13% among Generation X (1965–1980) and fall further to 5% for baby boomers (1946–1964).

Reasons and implications

Respondents cite a sense of personal control over funds and clearer transaction visibility as primary reasons for preferring crypto solutions to banks.

This preference combines technic al familiarity with digital services and a desire for direct asset management without relying solely on traditional intermediaries.

Conclusions from the data

Protocol Theory’s results indicate that while many young Americans embrace self-custody, a substantial share still accepts regulated custodial options.

The coexistence of autonomy and regulated trust suggests evolving attitudes toward financial services rather than a complete shift away from banks.