The Federal Reserve’s most recent annual household survey revealed that the number of American adults reporting ownership or usage of cryptocurrency declined to approximately 18 million in 2023.
The Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED), published on May 21, showed that the percentage of surveyed U.S. adults reporting crypto usage has decreased over the past three years.
In the 12 months leading up to October 2023, only 7% of respondents indicated using cryptocurrency, marking a decline from 10% in 2022 and 12% in 2021.
Only 1% of adults reported using cryptocurrency as a means of payment or for sending money, according to recent data, representing a 50% decrease from 2022. Meanwhile, 7% of surveyed individuals indicated that they had purchased or held crypto as an investment.
The Federal Reserve’s survey results diverge significantly from the claim made by Coinbase in its lobbying efforts that 52 million Americans own cryptocurrency. The Fed’s findings report a substantially lower number of U.S. adults owning or using crypto, raising questions about the accuracy of Coinbase’s estimate. Coinbase has yet to provide a comment or explanation on how it arrived at the 52 million figure.
Stand with Crypto’s goal is to mobilize one million people, but imagine what it would look like if we could mobilize even 10% of America’s 52M crypto owners into single issue advocates. – a statement credited to Coinbase as it advocate for crypto
Among the 1% of individuals who employed cryptocurrency for financial transactions, nearly 30% attributed their choice to the recipient’s preference for crypto. In contrast, respondents least mentioned a lack of trust in banks as a reason for utilizing digital assets in such transactions.
The survey revealed a correlation between annual income and the likelihood of using cryptocurrency for any purpose, with individuals earning $100,000 or more annually being more inclined to engage with digital assets.
The survey results showed that millennials, individuals aged 30 to 44, constituted the largest proportion of cryptocurrency users. Closely following them were adult Generation Zs, aged 18 to 29. Additionally, the data revealed that men were three times more likely to engage with crypto than women.
Black and Hispanic adults emerged as the most prevalent users of cryptocurrencies for conducting financial transactions.
Asian adults stood out as the demographic most actively engaged in cryptocurrency investment, while White adults were the least likely to utilize crypto for any purpose.
In October 2023, the Federal Reserve administered a survey to 11,488 U.S. adult participants aged 18 and above, intending to examine their behaviors and views on cryptocurrency adoption and usage patterns.
To ensure the survey accurately represented the diverse U.S. adult population, the Federal Reserve adjusted the sample based on the demographics of 258 million adults as per the U.S. Census Bureau’s current population survey from March 2023.
