New data from the Federal Reserve reveals that just 7% of Americans currently use cryptocurrencies. The report suggests a significant drop in interest and highlights a contrast with broader industry figures.
The Federal Reserve's latest household survey reveals that only 7% of American adults currently own or use cryptocurrencies, marking a decrease from previous years. This figure is down 3 percentage points from 2022 and 5 percentage points from 2021. The survey, conducted in October 2023 with 11,488 US adults, suggests a waning interest in digital currencies as both an investment and a medium for transactions.
The Federal Reserve's data indicates that approximately 18 million US adults are involved with crypto. However, this figure contrasts sharply with industry estimates. Statista, for instance, suggests around 74.37 million crypto users in the US, raising questions about the accuracy of the Federal Reserve's estimates.
The report highlights that only 2% of adults use crypto for financial transactions, with a notable portion conducting international transfers. Factors driving crypto use include the recipient’s preference, transaction speed, and privacy concerns. The demographic profile shows higher usage among younger males and the unbanked, pointing to crypto's potential role in bridging financial service gaps.
