51% of U.S. crypto wallet users favor crypto for daily tasks

Oobit surveyed 1,002 U.S. adults who use crypto wallets and found 51% rely on cryptocurrency rather than traditional banks for at least one everyday financial task. The survey covered saving, payments, purchases and cross-border transfers.

46% of respondents use digital assets to save or store money long term, and 41% use wallets to hold funds between transactions. At least 30% reported using crypto for online purchases. Among wallet users who regularly send money internationally, about 46% rely more on crypto than on their bank, citing near-instant settlement and lower costs.

45% of all crypto wallet users have used digital assets to pay back a friend instead of using peer-to-peer apps; that share rises to 55% for Gen Z respondents. The survey found lower fees and faster processing among the benefits respondents associated with wallet and peer-to-peer options.

Privacy was named the main reason for adopting crypto for routine tasks by 28% of respondents. Men were more likely to prioritize privacy, with 31% identifying it as their top reason. Among women, 29% said they adopted crypto because they believe it represents the future of finance.

Concerns about how to recover stolen crypto remain. 55% of wallet users said they worry about losing access to crypto with no way to recover it. Respondents said they continue to use banks for high-value or low-frequency activities: 41% for storing life savings, 34% for managing retirement funds, 34% for major purchases, 31% for receiving a primary salary and 28% for handling tax payments.

The survey results show respondents directing routine transactions to decentralized peer-to-peer and wallet options while keeping traditional banks for large or regulated financial needs.