Cryptocurrency adoption in the US rebounded in March after months of decline, but retail investors still favor gold and stocks over digital assets, according to a new Deutsche Bank survey.
The bank's monthly dbDataInsights survey of 3,400 consumers in the US, UK, and EU found that cryptocurrency adoption in the US rebounded to 12% in March from a low of 7% in February, returning to levels seen in July 2025. The recovery coincided with a moderate rise in the price of Bitcoin and an influx of approximately $1.3 billion into institutional Bitcoin ETFs during the month.
In the UK, adoption fell slightly to 9% but remains elevated relative to long-term trends, while in Europe, adoption remained at 7%.
"Cryptocurrencies continued to struggle in the first quarter of 2026 amid macroeconomic and geopolitical turmoil, with Bitcoin falling 22%. However, a modest recovery was observed in March, supported by strong inflows into US ETFs and a limited return of retail investors," Deutsche Bank noted in its report.
Despite the gains, consumers in all three regions continued to favor gold and the S&P 500 when asked where they would invest new funds over a one- to three-year horizon.
Gold was the top choice in the EU (37%) and the UK (35%), while in the US, preferences were more evenly distributed, with gold (26%), Bitcoin (24%), and the S&P 500 (29%) attracting significant interest.
"Consumers continue to favor the S&P 500 and gold over Bitcoin, although the gap is smaller in the US," the report states.
Nevertheless, Bitcoin retained its leadership in the crypto space: approximately 70% of digital asset owners across all regions hold it, significantly outpacing Ethereum and significantly surpassing stablecoins such as Tether and USDC. It also ranked first as a choice for future crypto investments in the US (69%), UK (56%), and EU (53%).
The survey also revealed a markedly bearish sentiment regarding Bitcoin's short-term price trajectory. Most respondents said they had no idea where Bitcoin would trade by the end of 2026, and among those who ventured a guess, most expected the price to be below its current level of around $75,000.
Only 3% of respondents in the US predicted a return to the all-time high of $120,000, with similarly low figures in the EU (1%) and UK (4%).