Crypto adoption rebounded in the United States in March after months of decline, but retail investors still favor gold and equities over digital assets, a new Deutsche Bank survey showed.
Get premium crypto and stock market insight on InvestingPro The bank’s monthly dbDataInsights survey of 3,400 consumers across the U.S., U.K., and EU found that U.S. adoption rates recovered to 12% in March from a trough of 7% in February, returning to levels last seen in July 2025. The rebound coincided with Bitcoin’s modest price recovery and roughly $1.3 billion in inflows into institutional Bitcoin ETFs during the month.
In the U.K., adoption edged down slightly to 9% but remains elevated relative to longer-term trends, while Europe held steady at 7%.
"Q1 2026 saw crypto continue to struggle amidst macro and geopolitical shocks, with Bitcoin down -22%. However, March saw some recovery, supported by strong US ETF inflows and limited retail re-engagement," Deutsche Bank said in a note.
Despite the uptick, consumers across all three regions continued to favor gold and the S&P 500 when asked where they would put new money over a one-to-three-year horizon.
Gold was the top pick in the EU (37%) and U.K. (35%), while the U.S. was more evenly split, with gold (26%), Bitcoin (24%), and the S&P 500 (29%) all drawing significant interest.
"Consumers continue to favour the S&P 500 and Gold over Bitcoin, though the gap is narrower in the U.S.," the note states.
Bitcoin nonetheless maintained its lead within the crypto space, with around 70% ownership across all regions among those invested in digital assets, far ahead of Ethereum and well clear of stablecoins like Tether and USDC. It also ranked as the top choice for future crypto investment in the U.S. (69%), U.K. (56%), and EU (53%).
The survey also demonstrated a notably bearish mood on Bitcoin’s near-term price trajectory. The majority of respondents said they had no idea where Bitcoin would trade by end-2026, and among those who ventured a guess, most expected it to be lower than its current level of around $75,000.
Only 3% of U.S. respondents predicted a return to the $120,000 record high, with similarly low readings in the EU (1%) and U.K. (4%).
