Cryptocurrency has been called many things: a fad, a bubble, and a fraud. But like other gamechanging technologies in their early days, crypto is often misunderstood. A recent 2025 Harris Poll report, the largest survey ever conducted of U.S. crypto holders, showed how wrong ideas about crypto can overshadow the very real benefits—benefits that a growing group of Americans experience. To help clear up crypto’s bad reputation, let’s tackle some of the most common myths below.
1. “Crypto Is Just a Fad for Tech Bros”
The Myth You may think that crypto is only for a narrow, tech-savvy crowd, namely “bros” looking to strike it rich or ride the latest hype train.
The Reality The NCA’s 2025 State of Crypto Holders Report paints a much bigger picture. Roughly 21% of American adults (1 in 5) now own some form of crypto. They come from a wide range of industries and income levels, and nearly a third (31%) are women. More crypto holders are over the age of 55 than under 25, showing that that crypto is being adopted across generations.
People get involved with crypto for many reasons, from saving for the future to exploring new technologies. Remarkably, more than half of those surveyed hold less than $10,000 worth of crypto, going against the stereotype that it’s only for big spenders aka “whales.”
Crypto is being woven into the everyday lives of students, parents, retirees, and beyond, who see it as a tool to diversify investments or make convenient digital payments.
2. “It’s Just Scams and Get-Rich-Quick Schemes”
The Myth Headlines about dramatic price swings, fraudulent schemes, or “pump and dump” coins lead many to believe that crypto is a lawless Wild West. In short, it can feel dangerous out there!
The Reality While there are bad actors everywhere in society, the vast majority of crypto owners are using it in positive ways. In fact, 76% of American crypto holders say it has had a positive impact on their lives. Meanwhile, only 3% report a negative experience (like fraud or security breaches).
Just like traditional finance has famous scandals, crypto has had some high-profile missteps. Governments, companies, and organizations are actively working together to improve consumer protections and regulations so that people can use crypto responsibly and securely. These measures make everyday use more secure, but no system is completely foolproof.
Just as you protect your online-banking password, you should enable two-factor authentication, stick to trusted wallets, and walk away from “too good to be true” offers. When used carefully, with trusted platforms and strong security practices, crypto can be part of a well-rounded financial toolkit.
Bad actors are the exception, not the rule. And while schemes or scams may grab the headlines, investing is just one of many things crypto can do. Most holders actually use it for more practical tasks. Which brings us to our next myth…
3. “It Has No Real Utility, It’s Just Speculation”
The Myth Skeptics argue crypto is purely about speculation: intangible, unbacked, and without helpful use cases.
The Reality The data show otherwise. Nearly 39% of crypto holders regularly use it to pay for goods and services, and 31% use crypto to send money to family. These aren’t niche or one-off cases, people use crypto for everyday purchases, donations, art, and more.
In gaming, crypto lets players truly own in-game assets, trade them freely, and carry them across platforms, making the experience more immersive and rewarding. Artists use blockchain to connect directly with their communities, sell work without middlemen, and even earn royalties every time their work changes hands. And beyond what’s already happening today, new use cases are still being uncovered—from smart contracts that automate business deals to blockchain-powered identity and supply chain tools.
4. “You Have to Completely Understand Crypto to Benefit From It”
The Myth Between specialized terms like “blocks,” “consensus,” and “hashing,” plus what feels like countless new tokens, crypto can seem overwhelming. Many people assume that unless you understand every technical detail, you can’t (or shouldn’t) use it.
The Reality You don’t need to be a developer, or even fully grasp how blockchain works, to benefit from crypto. Just like you don’t have to understand how email servers function to send a message, crypto tools are becoming more user-friendly every day. Many platforms have simple interfaces, easy onboarding, and clear instructions targeted to beginners.
People are already using crypto for practical reasons (think shopping, sending money to family, and getting paid for work) without the need to understand every workflow.
If you’re curious, the best place to start is with trusted, plain-English resources like those provided by the NCA. You can start small, learn at your own pace, and still experience crypto’s real-world value.
5. “It’s A Regulatory Free-for-All and Totally Unchecked”
The Myth Some believe crypto has no oversight, with regulators either ignoring it or unable to keep up.
The Reality Crypto isn’t unregulated. Many of the platforms people use today are licensed and already follow strict rules, including identity verification and anti-fraud measures. Just like crypto itself is evolving, regulation around crypto will also continue to evolve–and that’s a good thing.
In the United States, 64% of crypto holders say government regulation is either “very” or “somewhat” important. At the same time, 67% worry that overly tough rules could limit innovation. This tension reflects a growing feeling: we need smart regulations that protect consumers but not at the expense of crushing the tech’s awesome growth potential.
Major financial institutions (from payment processors to banks) are stepping into the crypto space. Their involvement means they usually use Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, which are well-regarded protections in the traditional financial world.
6. “Crypto Has No Long-Term Future”
The Myth Over the years, many have predicted crypto will come and go like a passing fad.
The Reality The study revealed that 76% of owners believe crypto will improve the financial system, noting clear benefits like reduced fees, faster payments, and greater transparency. These aren’t abstract promises—they’re real advantages people are already experiencing today, whether they’re sending money across borders, getting paid for freelance work, or making purchases without traditional go-betweens. And as more industries adopt blockchain technology, it’s becoming a pivotal part of how value moves in a digital world.
New, disruptive technologies have always faced skepticism. From railroads in the 1800s to dot-com companies in the 2000s, critics initially dismissed these breakthroughs as unnecessary or overhyped. Crypto’s trajectory follows a similar path. What once seemed niche is now making everyday tasks (like shopping, gaming, and sending money) more efficient. Almost half of crypto users in the U.S. say it already makes their lives more fun and exciting, and many point to increased financial independence as a major benefit.
Where some see hype, others see real progress.
Moving Beyond the Myths
Crypto is gaining traction for good reason. Over 55 million Americans now hold some form of digital currency, are using it in practical ways, and are eager to both play more in the space and continue learning more about the tech.
As you encounter hype, criticism, and rage-bait headlines surrounding crypto, remember that it’s not just a fad. This technology is transforming how everyday Americans move, manage and invest money. By diving into the basics, staying on top of changing regulations, and leaning on resources like the NCA (shameless plug), you can keep an open mind and hopefully find a valuable new way to participate in this exciting space.