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Federal Reserve: Only 7% of American adults own cryptocurrencies

According to the Federal Reserve's latest annual household survey, only 7% of U.S. adults currently own or use cryptocurrencies.

This represents a decrease compared to previous years, with a decrease of 3 percentage points compared to 2022 and 5 percentage points compared to 2021.

Federal Reserve Data Shows Only 18 Million US Citizens Own Cryptocurrencies

indicate results The Federal Reserve, from an in-depth study conducted in October 2023 among 11,488 American adults, indicated a decline in interest in cryptocurrencies as an investment and means of financial transactions. Amid broader debates about the viability and future of digital currencies, this trend indicates waning enthusiasm.

According to the United States Census Bureau's March 2023 Current Population Survey, there are 258 million adults in the United States. So, calculating from this data indicates that 18 million American adults own cryptocurrencies.

However, the survey results stand in stark contrast to other industry data. For example, Statista, a data analytics company, estimates that there are approximately 74.37 million cryptocurrency users in the United States. This gap raises questions about the actual penetration of cryptocurrencies in the US market.

Crypto users in the United States
Crypto users in the United States. Source: Statist

Furthermore , Submitted Industry figures such as Michael Novogratz and Anthony Scaramucci report numbers that call the Federal Reserve's estimates into question. They highlighted the popularity of crypto by comparing it to property in the country.

“There are 85 million people in this country who own cryptocurrencies in one form or another. There are 65 million who own it. So you have more cryptocurrency owners than you.”He said Scaramucci.

Despite these disparate numbers, the Federal Reserve report provides in-depth insight into how cryptocurrencies are used by those who manipulate them. Remarkably, only 2% of adults report using cryptocurrencies to make a financial transaction. Among these users, international transfers were notable. A quarter of them indicated that at least one transaction had taken place internationally.

The reasons for choosing cryptocurrency for transactions were diverse. Around 30% of users said their choice was driven by the recipient's preference for cryptocurrencies. Other factors included speed of transactions and privacy concerns. A smaller number cited security or distrust of traditional banking systems as their primary motivation.

In terms of demographics, cryptocurrency use was most prevalent among young and middle-aged adults, primarily men. Whether for investment or transaction purposes.

Additionally, the report notes that the use of cryptocurrency for transactions was higher among the unbanked. This suggests that digital assets can play a role in filling gaps in financial services. Although overall usage is still low.

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