FED Survey - 18 Million Americans Availed or Owned Crypto in 2023

TechStory

Hey folks.

The most recent Federal Reserve annual household survey indicates that just 18 million American adults reported owning or using cryptocurrency in 2023.

To October 2023 in the 12 months, 7% of surveyed United States adults reported using cryptocurrency which is down from 10% in 2022 and 12% in 2021, as per the Household Economics and Decisionmaking (SHED) survey of FED published on May 21.

Only 1% of the adults shared they use crypto as a payment method or to send funds, down half from 2022, while the number of adults who bought or held crypto as an investment was 7%.

The Federal Reserve's findings fall well short of Coinbase's long-touted claim that 52 million Americans own cryptocurrency. A request for information on Coinbase's methodology for arriving at the figure was not answered.

Of the 1% that availed crypto for a financial transaction, about 30% stated it was due to the receiving person or company preferred cryptocurrency.

People with annual earnings of $100,000 or more were more likely to have availed cryptocurrency for any reason, as reported by the survey.

It also revealed that the majority of cryptocurrency users were millennials, or those between the ages of 30 and 44, closely followed by adult Generation Z, or those between the ages of 18 and 29. Moreover, men were three times as likely than women to use cryptocurrency.

The most common users of crypto for financial transactions were black and Hispanic adults.

The biggest demographic using cryptocurrency as an investment was Asian adults, while the least likely to avail crypto for any reason was the white adults.

With 11,488 participating adults in the United States aged 18 and older, the survey was conducted in October 2023.

The sample was weighted by the Fed using the 258 million individuals in the United States Census Bureau's current population census, March 2023.

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