A recent survey by the Federal Deposit Insurance Corporation (FDIC) reveals that in 2023, cryptocurrency usage was significantly more prevalent among underbanked households compared to fully banked households in the U.S.
The FDIC’s report published on November 12 surveyed approximately 60,000 households and found that 6.2% of underbanked households—those with a bank account but also relying on nonbank services like payday loans—used cryptocurrency, compared to 4.8% of fully banked households.
The survey highlights the increasing interest in cryptocurrency among specific demographics, particularly younger, higher-educated, and working-age households. There is also a noticeable uptake among Asian and white families. Additionally, income disparities emerge as 7.3% of households earning $75,000 or more reported using cryptocurrency, while only 1.1% of households earning less than $15,000 did so.
However, the survey noted that most crypto users held digital assets for investment rather than for transactions, with only 4.4% using crypto to make online purchases. Among unbanked households—those without any bank account—only 1.2% used crypto, while 5% of banked households did.
The FDIC report also highlighted that around 14.2% of U.S. households, or roughly 19 million, were classified as underbanked, while 4.2%—about 5.6 million—were unbanked. Of the unbanked, two-thirds primarily used cash, while the rest relied on prepaid cards or digital payment platforms like PayPal and Cash App.
FDIC Chairman Martin Gruenberg emphasized that the survey reveals ongoing disparities in banking access among minority, low-income, disabled, and single-parent households, calling for further action to bridge these gaps.
Meanwhile, this report comes as Coinbase filed multiple Freedom of Information Act (FOIA) requests with the FDIC as part of its push for regulatory clarity in the U.S. digital asset space. According to court documents, Coinbase sought records detailing any restrictions the FDIC has imposed on U.S. banks’ digital asset holdings and information on the agency’s handling of FOIA requests since 2022.
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