Techub News reported, according to a report by an economist at the U.S. Treasury Department, that an increasing number of low-income families are using cryptocurrency investment returns to apply for mortgages and purchase homes.
Data from the Internal Revenue Service regarding households reporting cryptocurrency assets on their annual tax returns shows that from 2020 to 2021, household exposure to cryptocurrency assets nearly tripled. In areas with higher cryptocurrency adoption, the borrowing growth among low-income families is particularly significant, with the proportion of consumers holding mortgages increasing by over 250%, and the average mortgage balance growing by over 150% from 2020 to 2024.