A new research report from global payments infrastructure platform Mercuryo and Web3 research firm Protocol Theory shows that while crypto wallet adoption is accelerating among affluent users, lower-income groups face costly access points and risk being excluded.
The nationally representative survey of 3,428 U.S. adults highlights a widening divide. More than half of Americans earning over $100,000 report owning crypto, compared with just one in four earning under $40,000. Wealthier adults are also nearly three times more likely to use a self-custodial wallet. By contrast, lower-income communities are more visible in transactional use cases, such as remittances and cash-to-crypto conversions at Bitcoin ATMs. These ATMs are often concentrated in poorer neighborhoods and can charge fees of 15 to 20 percent, leaving the very communities crypto was meant to empower saddled with higher costs.
The income gap is only part of the story. The report, Beyond Early Adopters: What It Takes for Crypto to Matter in Everyday Life, also finds wallets face deep behavioral and experiential barriers. Just 13% of Americans say wallets are easy to use, 12% feel they fit naturally into how they manage money, and only 16% have ever seen one used in real life.
“This isn’t about people rejecting crypto,” said Petr Kozyakov, Co-founder and CEO of Mercuryo. “Adoption is growing, but it is uneven. Affluent users are benefiting from deeper engagement, while lower-income communities can face higher fees and more barriers. Crypto isn’t failing due to a lack of interest. What is holding adoption back are tools that are too complex and costly for many people, particularly those who could benefit the most from access to alternative financial products. Mercuryo is on a mission to address these pain points and make cryptocurrency more accessible to everyone.”
The findings of the research, which suggest that crypto risks entrenching inequality, come against the backdrop of Bitcoin ATM operators targeting low-income areas in the U.S. that have historically been a focus of loan sharks and high-cost credit providers. According to PYMNTS and Financial Times analyses, more than 80 percent of the world’s Bitcoin ATMs are found in the U.S., with these machines appearing concentrated in Black, Latino, and lower-income communities. Meanwhile, myriad barriers to entry remain, as new users face having to navigate crypto wallets with a clunky user experience (UX) and complex transaction processes.
“Crypto can expand access to financial opportunity, but right now the people who could benefit most are often paying the highest costs,” said Jonathan Inglis, CEO of Protocol Theory. “Adoption will only accelerate when wallets become simple, safe, and affordable enough to serve everyday needs, not just the affluent.”
For more information, view Mercuryo’s full report here.