Coinbase earlier asserted that 52 million Americans own cryptocurrency.
Additionally, crypto use was three times higher among males than women.
According to the most recent annual household survey conducted by the Federal Reserve, the number of individuals in the United States who reported owning or using cryptocurrency fell to around 18 million in 2023.
Following drops of 10% in 2022 and 12% in 2021, the Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED) revealed on May 21 revealed that 7% of American adults reported using crypto in the 12 months leading up to October 2023.
The percentage of individuals who use cryptocurrency for payment or money transfers has dropped to 1%, down half from 2022, while 7% have bought or stored cryptocurrency as an investment. Despite Coinbase’s much-touted assertion that 52 million Americans own cryptocurrency, the Fed’s findings fall far short of that number.
Preference of the Recipient
Among the one percent who made a cryptocurrency payment, roughly a third cited the preference of the recipient as the reason for their usage. A loss of faith in financial institutions was the least mentioned cause. A higher percentage of respondents with yearly income of $100,000 or more reported using cryptocurrency for some purpose, according to the survey.
As for the demographics of crypto users, the study indicated that millennials (those between the ages of 30 and 44) and adult Generation Z (those between the ages of 18 and 29) were the most numerous. Additionally, crypto use was three times higher among males than women.
Around 11,488 individuals in the United States took part in the survey in October 2023. Based on the 258 million individuals surveyed in the United States Census Bureau’s March 2023 current population census, the Fed weighted the sample.
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