Deutsche Bank Survey: U.S. Crypto Retail Participation Rate Rebounds to 12% in March

Deutsche Bank released a research report on April 20, citing db DataInsights survey data from 3,400 consumers in the United States, the European Union, and the United Kingdom. The report shows that the U.S. cryptocurrency retail adoption rate rebounded in March to 12%, returning to the level of July 2025. The report also shows that 70% of respondents who hold cryptocurrencies say they hold Bitcoin, the highest share among all types of crypto assets.

Cryptocurrency adoption rates by region (March 2026)

(Source: Deutsche Bank Research)

According to the Deutsche Bank report, the rebound in the U.S. cryptocurrency adoption rate aligns with the timing of the Bitcoin price rebound (+2.20%) in March 2026, as well as the rebound in institutional Bitcoin ETF fund inflows (about $1.3 billion). The March adoption rates by region are as follows:

United States: 12%, up from the February low of 7%, returning to the level of July 2025

United Kingdom: 9%, slightly down from the prior month, though the long-term trend remains elevated

European Union: 7%, stable

Demographics: age, gender, and income distribution

According to the Deutsche Bank report, the cryptocurrency adoption rate among the U.K. 18-to-34 age group jumped from 55% for the same period last year to 85%, the largest increase. The adoption rate among those aged 55 and above is the lowest; none of the U.K. respondents aged 55 and above said they invest in cryptocurrencies.

By gender, male respondents make up the majority of cryptocurrency investors: 68% in the United States, 61% in the European Union, and 57% in the United Kingdom. The gender split is closest in the U.K. (43% female, 57% male). In March 2026, 28% of male respondents said they have a good or deep understanding of cryptocurrencies, while the corresponding figure among female respondents is 18%.

In terms of income, among U.S. respondents with annual income above $100k, 36% have invested in cryptocurrencies. For those with annual income below $25k, the crypto investment share rose from 10% in March 2025 to 16% in March 2026.

Investment preferences and Bitcoin holdings

According to the Deutsche Bank report, Bitcoin is held at roughly the same rate—about 70%—among cryptocurrency investors across all three markets, far higher than stablecoins such as Tether or USDC. It is also the top choice for future investment: 69% in the United States, 56% in the United Kingdom, and 53% in the European Union.

Regarding investment preferences over the short term (12 months), U.S. consumers have more dispersed choices: S&P 500 at 25%, gold at 26%, and Bitcoin at 26%. For European consumers, short-term preference is mainly for gold (37%). For U.K. consumers’ investment preferences in the medium term (1 to 3 years), gold (35%) leads the S&P 500 (21%) and Bitcoin (20%).

Consumers’ expectations for Bitcoin’s price by the end of 2026

According to the Deutsche Bank report, respondents in the United States (19%), the European Union (22%), and the United Kingdom (18%) expect Bitcoin’s year-end price in 2026 to fall within the range of $20k to $60k. Thirteen percent of U.S. respondents expect Bitcoin to fall below $20k by the end of 2026. Among the European Union (1%), the United Kingdom (4%), and the United States (3%), only a very small number of respondents expect Bitcoin to set a new all-time high before the end of 2026.

Frequently asked questions

What does the Deutsche Bank report say about why the U.S. cryptocurrency adoption rate in March 2026 is what it is?

According to the Deutsche Bank April 20, 2026 report, the U.S. cryptocurrency retail adoption rate rebounded to 12% in March, rising from February’s low of 7% and returning to the level of July 2025. Deutsche Bank said this rebound aligns with the timing of the Bitcoin price rebound and institutional ETF fund inflows.

Which crypto asset has the highest holding share among respondents in all three markets?

According to the Deutsche Bank report, Bitcoin is held at roughly the same share—about 70%—among cryptocurrency investors in the United States, the European Union, and the United Kingdom. It is the highest among all types of crypto assets, far exceeding stablecoins such as Tether or USDC.

What is the mainstream expectation among respondents for Bitcoin’s price by the end of 2026?

According to the Deutsche Bank survey, about one-fifth of respondents in the United States (19%), the European Union (22%), and the United Kingdom (18%) expect Bitcoin’s year-end price to be between $20k and $60k. Only 3% in the United States, 4% in the United Kingdom, and 1% in the European Union expect Bitcoin to set a new all-time high before the end of 2026.