Of the 1% who used crypto for a financial transaction, almost 30% said it was because the buyer or company preferred crypto. The least stated reason was lack of trust in banks. Overall, the survey reported that individuals with annual income of $100,000 or more are more likely to use crypto for any reason.
What are the Details for the Survey?
The topic also found that millennials, ages 30 to 44, make up the largest share of crypto users, followed by adult Gen Zers ages 18 to 29. Men were also three times more likely to use crypto than women. The most common crypto users for financial transactions were black and Hispanic adults.
While Asian adults were the largest demographic using crypto as an investment, white adults were the least likely to use crypto for any reason. The survey was conducted in October 2023 with the participation of 11,488 US adults aged 18 and over. The Fed weighted the sample at 258 million adults, based on the U.S. Census Bureau's March 2023 current population survey.
