According to Odaily Planet Daily, the Federal Reserve's latest annual household survey showed that the number of American adults who reported owning or using cryptocurrencies fell to about 18 million last year. In the 12 months ending October last year, 7% of American adults surveyed said they had used cryptocurrencies, down from 10% in 2022 and 12% in 2021. Only 1% of adults said they used cryptocurrencies as a payment method or remittance, down by half from 2022, while 7% of adults bought or held cryptocurrencies as investments.
For the 1% who used cryptocurrency for financial transactions, nearly 30% said it was because the recipient or company preferred cryptocurrency. The least-mentioned reason was a lack of trust in banks. The survey report showed that people with an annual income of $100,000 or more were more likely to use cryptocurrency for any reason. The study also found that millennials between the ages of 30 and 44 accounted for the largest share of cryptocurrency users, followed by adult Generation Z between the ages of 18 and 29. Men are also three times more likely to use cryptocurrency than women.