Crypto Adoption Among US Adults Drops to 7%, Fed Survey Shows

Cryptocurrency ownership and usage among adults in the United States has declined, according to the Federal Reserve’s latest annual household survey

The survey, conducted in October 2023 with 11,488 participating adults, revealed that only 7% of respondents reported using crypto in the past 12 months, a decrease from 10% in 2022 and 12% in 2021.

Source: The Federal Reserve

The survey found that just 1% of adults used crypto for payments or money transfers, while 7% held or purchased crypto as an investment. The results largely contradict Coinbase’s claim that 52 million Americans own crypto. It’s unclear where the crypto exchange platform gets this figure from.

Demographic analysis showed that millennials (aged 30-44) and adult Gen Zs (aged 18-29) were the most common crypto users, with men being three times more likely to use crypto than women. 

Source: The Federal Reserve

Black and Hispanic adults were the most frequent users of crypto for financial transactions, while Asian adults were the largest group using crypto as an investment. White adults, meanwhile, were the least likely to use crypto for any reason.

The survey also found that individuals with annual incomes of $100,000 or more were more likely to have used crypto. Among those who used crypto for financial transactions, the most common reason was the receiving party’s preference for crypto, while a lack of trust in banks was the least cited reason.

Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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