Morgan Stanley: Crypto Adoption in ‘Early Stage,’ Shows New Survey
- Morgan Stanley research confirms early-stage crypto adoption among institutions and retail.
- Tom Lee: Crypto market penetration remains low in 2025.
- Survey shows only 18% crypto ownership among finance interns.
Morgan Stanley’s research reveals that despite advancements in crypto markets, adoption still lags, with their latest surveys highlighting over 80% non-ownership among potential institutional and retail investors.
Crypto’s slow uptake has implications for market strategies, affecting Bitcoin, Ethereum, and stablecoins, raising questions about retail and institutional participation in future financial ecosystems.
82% of Finance Interns Lack Crypto Holdings
Morgan Stanley’s research team has highlighted that crypto adoption is still in the ‘early stage’. Recent surveys involved 500 North American and 147 European interns, uncovering that 82% of interns do not own cryptocurrency despite growing institutional interest.
Despite marked growth in ETF investments, participation among young finance professionals remains minimal. Tom Lee noted the low market penetration, indicating challenges to mainstream acceptance.
The survey highlights crypto market penetration remains low, with non-owners at 82% in 2025—suggesting institutional and mainstream retail adoption are still at an early stage. — Tom Lee, Chairman, BitMine Immersion Technologies
Institutional Inflows High, but Education Gaps Persist
The report showcases a contradiction between increasing institutional inflows into ETFs and the persistent hesitancy among future financial leaders. This points to a potential educational and outreach gap within the industry.
The report could prompt firms to re-evaluate their engagement strategies with the next generation. This disconnect suggests hesitance despite the market’s positive valuation trends.
Historical Adoption Trends Show Slow Progress
Morgan Stanley’s findings echo past lows in crypto engagement during initial adoption waves, such as the 2017 ICO boom. Stablecoin growth remains slow, yet disruptive potential is anticipated over the long term, mirroring historical adoption patterns.
History suggests that with increased regulatory clarity and institutional products, adoption may rise. However, current trends indicate slow progress, keeping pace with stakeholder caution despite favorable market conditions.
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