The “Economic Well-Being of American Households in 2023” report recently issued by the Federal Reserve revealed a new look at the level of use of cryptocurrencies in American society.
The annual survey, conducted by the Federal Reserve in cooperation with Ipsos, a consulting and market research company, included the participation of 11,400 people from diverse demographic groups.
The survey revealed that only 7% of respondents used cryptocurrencies during 2023, a decline from 10% in 2022 and 12% in 2021.
The survey showed that 18% of users use cryptocurrencies because of the speed of expiring transactions, while 28% indicated that recipients prefer to receive cryptocurrencies.
The survey also showed that the use of cryptocurrencies was more common among younger to middle-aged adults and men, whether for investment or transaction purposes.
Comparison with Coinbase data:
Jake Donoghue, author of Crypto Confidential: An Insider’s Account From The Frontlines Of Fraud, compared this data to that obtained by the Coinbase survey. Donoghue criticized Coinbase's claims that 52 million US citizens own cryptocurrencies, pointing out the clear discrepancy with Federal Reserve data.
And he said:
Where does Coinbase get its numbers? The Fed appears to refute these numbers.
Morning Consult, which conducted the survey for Coinbase in February 2023, explained that it used an oversample of 500 cryptocurrency investors within a sample of 2,202 people.
This method has led to controversial data indicating that 52.3 million adults own cryptocurrencies, with 75.5 million adults expected to trade cryptocurrencies at least once in 2024.
The discrepancy between Federal Reserve data and the Coinbase survey highlights differences in estimates of cryptocurrency usage in the United States.
This discrepancy reflects the need to be careful when interpreting statistics related to cryptocurrencies, the importance of using reliable research methodologies, and each party trying to determine what serves its interests.
