According to research by River, American banking institutions generated approximately $1,670 per adult through deposit rate spreads.
In 2025, American banks generated approximately $434 billion in net interest income, equivalent to roughly $1,670 for every American adult. This is the finding of research by River, which sheds light on one of the most entrenched mechanisms in the traditional financial system: institutions collect customer deposits, invest or lend them out at higher rates, and return only a minimal fraction of the yield to depositors.
The result is a structural gap that directly hits savers. With most savings accounts offering rates close to zero, and with inflation remaining persistently above the 2% target set by the Federal Reserve, the purchasing power of deposits erodes year after year. Someone earning 0.1% interest while inflation runs at higher rates is losing real wealth, silently and systematically.
However, it is not only the traditional banking system that comes under fire. According to Alex Leishman, CEO of River, the fintech sector — born after the 2008 crisis with the promise of democratizing finance — has also betrayed its original mission. Platforms such as Robinhood, Coinbase, and Cash App have lowered barriers to entry for millions of users, but over time have shifted their focus from democratization to the monetization of user behavior.
For River, the most concerning phenomenon is the convergence of finance, gaming, and gambling. Investment platforms now promote memecoins, leveraged derivatives, and features resembling sports betting. Data shows that the majority of retail traders lose money in high-frequency environments, that futures trading sees the vast majority of users underperform, and that in jurisdictions where sports betting has expanded, personal bankruptcy rates have risen in subsequent years. Push notifications, streaks, and social features drive short-term behavior, making it increasingly difficult to distinguish between investing and entertainment.
Bitcoin, according to Leishman’s analysis, sits outside this framework. It does not promise returns, does not rely on user engagement to sustain itself, and offers a stricter value proposition: fixed supply, a decentralized network, and the ability to self-custody without intermediaries. Despite more than a decade of growth, fewer than one in five American adults owns bitcoin.
