According to Odaily, the latest annual household survey by the Federal Reserve reveals a decrease in the number of US adults who reported owning or using cryptocurrency last year, dropping to approximately 18 million. The Household Economic and Decision Survey (SHED), released by the Federal Reserve on May 21, shows that within the 12 months leading up to October last year, 7% of surveyed US adults claimed to have used cryptocurrency. This is a decrease from 10% in 2022 and 12% in 2021.
Only 1% of adults stated that they used cryptocurrency as a payment method or for remittances, a figure that has halved since 2022. Meanwhile, 7% of adults purchased or held cryptocurrency as an investment. For the 1% of individuals who used cryptocurrency for financial transactions, nearly 30% said this was because the recipient or company preferred cryptocurrency. The least mentioned reason was a lack of trust in banks.
Overall, the survey indicates that individuals with an annual income of $100,000 or more are more likely to use cryptocurrency for any reason. The study also found that millennials aged between 30 and 44 make up the largest share of cryptocurrency users, followed by Generation Z adults aged between 18 and 29. The likelihood of men using cryptocurrency was also three times that of women.