According to a recent Federal Reserve poll, around 12% of individuals in the United States possessed various cryptocurrencies as of 2021.
The study, titled “Economic Well-Being of US Households in 2021” and issued on May 23, 2022, aimed to assess consumer economic health by polling 11,000 Americans. feedback from 11,000 adults.
According to the statistics gathered, American consumers have little interest in cryptocurrency as a currency. They’re mostly investors, not traders, and only 3% of those polled claimed they’d paid in or transferred cryptocurrency in the previous year. On the other hand, 11% had invested in cryptocurrency.
Investors With Disproportionately High Income
The users were “disproportionately high-income,” according to the report: Pure-play investors made $100,000 or more in 46% of cases. They almost all had a bank account.13 percent of those who utilised cryptocurrency for payments or transfers did not have a bank account.
Only 24% of those who used crypto for money transfers had an annual income of $100,000 or more, while 60% had an annual income of less than $50,000. It’s worth mentioning that 27% of transactional users don’t have a credit card, and 13% don’t have a bank account.
The report also stated that 6% of the U.S. population was unbanked, with black (13%) and Hispanic (11%) adults being less likely to have a bank account than the overall adult population.
In 2020 and 2021, a bull run saw the price of Bitcoin rise from $3,000 to $69,000, igniting widespread interest in cryptocurrencies. Other digital assets, such as NFTs, have experienced greater popularity as well, with celebrities like Paris Hilton, Steph Curry, Snoop Dogg, and Mark Cuban flaunting their Bored Apes on social media.
Recently, A European Central Bank article also pointed out that despite the risks, investor demand for crypto-assets has been increasing. As many as 10% of households in Europe may own crypto-assets.