BPI research: U.S. Bitcoin investors value trust and control more than the "digital gold" label

National Survey: Labeling Bitcoin as "digital gold" is difficult to resonate with

A new national study conducted by the Bitcoin Policy Institute (BPI) in conjunction with polling houses Cygnal and Neighborhood Bitcoin shows that the term "digital gold" has little appeal to most Americans. The study highlights the key role of information dissemination and trust in promoting the popularization of Bitcoin across the United States.

Research reveals American people's attitudes towards Bitcoin

The BPI research was conducted in three phases, spanning from March to June 2026. First, 1516 registered voters aged 18 to 64 were surveyed. The researchers divided the respondents into four categories: curious wait-and-see people accounted for 32%, ideologically excluded people accounted for just under 30%, alienated people under economic pressure accounted for about 20%, and active believers accounted for the smallest proportion, at 18%.

Subsequently, the researchers held eight focus group discussions in Columbus, Ohio, and Nashville, Tennessee, with a total of about 80 participants who did not hold Bitcoin but could have been persuaded to buy. Brent Buchanan, CEO of Cygnal, moderated the discussions, each lasting about 95 minutes, and discussed perceptions, risks and potential attractions of Bitcoin.

In the final stage (May 29 to June 2, 2026), the researchers conducted an information verification survey on 1000 registered voters of the same age group, with a margin of error of 3.10 percentage points. Participants agreed that "control" was their top priority related to digital assets, with other concerns including Bitcoin's track record, security, ease of use and usability.

Slogans emphasizing financial autonomy such as "You decide how much to invest" and "You can track your own activities" left the deepest impression on respondents. Phrases such as "free money" that describe Bitcoin as a means of saving that is not controlled by banks or governments are equally effective.

Information dissemination and real-world influence

Contrary to some claims, the description of Bitcoin as "digital gold" did not resonate or inspire confidence among survey participants. Instead, studies have found that Americans respond more positively to personal stories and real experiences shared by friends, family members or financial advisers. These insights come from both survey data and focus group observations.

After exposure to targeted information, respondents 'interest in Bitcoin ownership increased, with the proportion of "not interested at all" falling from 39% to 32%, while the proportion of "very or extremely interested" rising from 19% to 24%.

While traditional markets rely on complex brokers, a major change is taking place. Wall Street is turning to Web3, and investors are starting to use platforms to directly hold stocks of major U.S. companies, gold and silver in their cryptocurrency wallets by tokenizing real-world assets and quickly finding optimal market prices without intermediaries.

Research by the Federal Reserve Bank of Cleveland

Another study released by the Federal Reserve Bank of Cleveland in July 2026 (written by Michael Weber, Bernardo Candia, Olivier Coibion and Yuri Gorodchenko) helped shed light on buying trends. The report analyzes Nielsen Homescan panel survey data collected between 2018 and 2025, with a sample size of between 15000 and 25000 households per round.

This working paper found that Americans 'expectations of Bitcoin returns are more weighted than demographic factors in predicting ownership. For example, in 2021, holders expect an average annual return of 22%, while non-holders expect only 7%.

In a field experiment in 2025, some participants were told that Bitcoin had achieved a return of 14.3% the previous year. Subsequently, compared to the control group, participants in this group planned to increase their cryptocurrency investment by 47% and were also 23% more likely to purchase cryptocurrency in the next survey phase.

U.S. households 'Bitcoin holdings have climbed from less than 2% in 2018 to approximately 12% in 2025, driven by increasingly focused on perceived rewards and word-of-mouth spread through personal experience.

The results of both studies emphasize that while storytelling and trust play a central role in attracting new bitcoin holders, what really drives Americans is control, transparency, and clear performance indicators, rather than a broad comparison with "digital gold."