Federal Reserve Survey: 18 million Americans used or owned cryptocurrency last year

According to the Federal Reserve's latest annual household survey, the number of U.S. adults who reported owning or using cryptocurrency fell to about 18 million last year. According to the Federal Reserve's Household Economic and Decisionmaking Survey (SHED) released on May 21, 7% of U.S. adults surveyed said they had used cryptocurrency in the 12 months ending October last year, down from 10% in 2022 and 12% in 2021. Only 1% of adults said they used cryptocurrency as a payment method or remittance, down by half from 2022, while 7% of adults bought or held cryptocurrency as an investment. For the 1% who used cryptocurrency for financial transactions, nearly 30% said it was because the recipient or company preferred cryptocurrency. The least cited reason was a lack of trust in banks. Overall, the survey reported that people with an annual income of $100,000 or more were more likely to use cryptocurrency for any reason. The study also found that millennials aged between 30 and 44 make up the largest share of cryptocurrency users, followed by adult Generation Z aged between 18 and 29. Men are also three times more likely to use cryptocurrency than women. (Cointelegraph)