The number of adults in the U.S. who reported owning or using cryptocurrency dropped to about 18 million last year, according to the Federal Reserve's annual household survey. According to the Fed's Household Economics and Decision-Making Survey, the rate decreased from 10% in 2022 to 12% in 2021 and 7% in 2023.

Fed's Crypto Research Draws Attention

While only 1% of adults say they use crypto as a payment method or to send money, this rate has halved by 2022. 7% of survey participants purchased or held cryptocurrencies for investment purposes. These results fell far short of Coinbase's claim that 52 million Americans own cryptocurrencies.

Of the 1% who used crypto for a financial transaction, nearly 30% said it was because the buyer or company preferred crypto. The least stated reason was lack of trust in banks. The survey found that individuals with annual income of $100,000 or more are more likely to use crypto for any reason.

Details About the Survey

The survey showed that the largest group of crypto users is Millennials, aged 30 to 44, followed by Gen Z, aged 18 to 29. Men were three times more likely to use crypto than women. Black and Hispanic adults were the most common users of crypto for financial transactions.

While Asian adults were the largest demographic using crypto for investment purposes, white adults were the least likely to use crypto for any reason. The survey was conducted in October 2023 with 11,488 U.S. adults ages 18 and older, and the Fed weighted the sample to 258 million adults.

#BitcoinDunyamiz

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