According to the latest annual household survey of the Federal Reserve, the number of American adults who reported owning or using cryptocurrencies fell to about 18 million last year. According to the Household Economic and Decision Making Survey (SHED) released by the Federal Reserve on May 21, 7% of American adults surveyed said they had used cryptocurrencies in the 12 months ending in October last year, down from 10% in 2022 and 12% in 2021. Only 1% of adults said they used cryptocurrencies as a payment method or remittance, down by half from 2022, while 7% of adults bought or held cryptocurrencies as investments. For the 1% who used cryptocurrencies for financial transactions, nearly 30% said it was because the recipient or company preferred cryptocurrencies. The least mentioned reason was a lack of trust in banks. Overall, the survey report shows that people with an annual income of $100,000 or more are more likely to use cryptocurrencies for any reason. The study also found that millennials aged between 30 and 44 make up the largest share of cryptocurrency users, followed by adult Generation Z aged between 18 and 29. Men are also three times more likely to use cryptocurrency than women. (Cointelegraph)