A new Forbes survey shows something few expected. Over the past year, high-net-worth individuals (HNWIs) have undergone a significant and complex shift in their views on cryptocurrency. Wealthy Americans who once pushed crypto into the spotlight are now stepping back fast. Their interest is not gone, but their confidence is softer and far more cautious than it was a year ago.

They still see long-term potential in digital assets, yet they are no longer racing into the market the way they once did. The new landscape feels slower, calmer, and more calculated.

However, this shift did not appear overnight. It emerged from a year marked by wild price swings, sudden policy changes, and growing concerns about trust and stability. High-net-worth investors are now weighing every move carefully. They still admire the innovation behind cryptocurrency, but they want a safer path forward before committing large amounts of money again.

A Dramatic Pullback from Direct Investment

David / Pexels / According to the Forbes Research 2025 High Net Worth Survey, the share of wealthy investors who call crypto a major part of their portfolio has dropped by 64% in one year.

It fell from 44% in 2024 to only 16% in 2025. That kind of drop signals more than simple market fear. It shows a total reset in strategy.

This new caution likely comes from three pressure points. The first is market volatility, which shook even the most confident investors. Next is security, since hacks and breaches continue to spark worry. The third is shifting rules in the United States and abroad, which make long-term planning harder.

The wealthy are choosing to shrink their direct exposure until the industry feels clearer and steadier.

Sentiment Shifts, but Long-Term Belief Holds

Even with this pullback, wealthy Americans are not giving up on crypto. Their belief in the long-term future of digital assets remains strong, although not as strong as it was before. The survey reveals that 52% still believe cryptocurrency represents the future of money and financial innovation.

Last year, that number was 74%. The drop shows caution, yet the majority still sees promise.

At the same time, trust remains a challenge. 41% of respondents say crypto still cannot match the trust level of stocks or bonds. This number has stayed steady. That means even as excitement rises or falls, concerns about reliability persist. Wealthy investors want to see a system that feels safer and more predictable before they fully lean in again.

The Big Picture Trends Still Show Major Growth

David / Pexels / This cooling sentiment among wealthy Americans does not match everything happening in the crypto world. In fact, global growth has stayed strong.

The number of crypto millionaires jumped by 40% over the past year, reaching about 241,700 people. The list now includes 450 centi-millionaires and 36 billionaires. Even when some investors step back, others are rising fast.

There is also major momentum coming from institutions. The approval of spot Bitcoin ETFs in the United States opened the door for more traditional investors to enter the market. At the same time, global everyday use is growing quickly. The APAC region in particular saw a 69% rise in transaction value.

This shows that crypto is not slowing down everywhere. It is simply evolving in different ways.

These trends keep long-term optimism alive, even among cautious high-net-worth investors. They see that the market has the ability to create huge value. They know the technology behind it is reaching more people every year. Their pullback is not about giving up. It is about waiting for the right moment to move with confidence.