Fed Survey Finds 7% of US Adults Using Crypto, Down from Previous Years
The number of United States adults reporting crypto ownership or usage has seen a significant decline, according to the latest annual household survey conducted by the Fed.
The survey, known as the Survey of Household Economics and Decisionmaking (SHED), indicates that approximately 18 million US adults reported using cryptocurrencies in 2023, representing a drop from previous years.
In the 12-month period leading up to October 2023, the survey found that 7% of the surveyed US adults reported using cryptocurrencies, down from 10% in 2022 and 12% in 2021.
Among those who reported using crypto, only 1% stated that they used it for financial transactions or sending money, which is a 50% decrease from the previous year.
On the other hand, 7% of respondents mentioned purchasing or holding cryptocurrencies as an investment.
These findings from the Federal Reserve survey significantly differ from Coinbase’s claim that 52 million Americans own cryptocurrencies.
Coinbase, a prominent cryptocurrency exchange, did not provide any response on how it arrived at this figure.
There has been a lot of talk on here recently about "52 million Americans" owning cryptocurrency, with this stat seemingly originating from Coinbase.
Yesterday, the Fed released their annual survey of US household economics: https://t.co/awRzPR3jHZ
It found that only 7% of… pic.twitter.com/HMgnhLwJl4
— Jake Donoghue (@JDonoghueAuthor) May 22, 2024
The survey shed light on the reasons behind crypto usage for financial transactions.
Nearly 30% of respondents who used crypto for such purposes stated that it was because the recipient preferred cryptocurrencies.
Notably, a lack of trust in banks was the least cited reason.
The survey also revealed that individuals with annual
Read more on cryptonews.com
