The latest annual household survey from the Federal Reserve shows a decline in crypto ownership and usage among U.S. adults, dropping to around 18 million in 2023.
The latest annual household survey from the Federal Reserve shows a decline in crypto ownership and usage among U.S. adults, dropping to around 18 million in 2023.
The Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED), published on May 21, reveals that only 7% of U.S. adults used crypto in the year leading up to October 2023, down from 10% in 2022 and 12% in 2021.
Notably, just 1% of adults reported using crypto as a payment method or to send money, which is half the percentage from 2022. Meanwhile, 7% purchased or held crypto as an investment.
These figures are significantly lower than Coinbase’s claim that 52 million Americans own crypto. Coinbase did not respond to requests for clarification on this discrepancy.
Among those who used crypto for financial transactions, nearly 30% cited the preference of the receiving person or firm as their reason. In contrast, the least common reason was a lack of trust in banks. The survey also highlighted that individuals with annual incomes of $100,000 or more were likelier to have used crypto for any reason.
Demographically, millennials (ages 30 to 44) constituted the largest group of crypto users, followed closely by Generation Z adults (ages 18 to 29). Men were three times more likely than women to use crypto.
Among racial and ethnic groups, Black and Hispanic adults were the most frequent crypto users for financial transactions. Asian adults were the largest demographic using crypto for investment purposes, while White adults were the least likely to use crypto in any capacity.
The survey involved 11,488 U.S. adults aged 18 and older and was conducted in October 2023. The sample was weighed against the 258 million adults in the U.S., as per the Census Bureau’s March 2023 current population survey.
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