Key Takeaways
- A new Federal Reserve report has found that 12% of the U.S adult population was using or holding crypto last year.
- While most crypto investors tended to enjoy higher net income, the 3% of U.S. adults who used crypto for money transfers tended to be lower-income Americans.
- Of those using crypto for money transfers, 13% did not benefit from traditional banking services.
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A new report from the Federal Reserve states that more than a tenth of the American adult population invested in or made use of crypto during the bull run last year.
American Adoption
American investors and consumers are slowly getting used to cryptocurrencies, according to a new report from the Fed.
The Federal Reserve has reported that 12% of American adults invested in cryptocurrencies in 2021 and 3% used them for money transfers. Investors tended to have high incomes and access to traditional banking services, while people using crypto for transaction purposes tended to have lower incomes and sometimes did not have access to credit cards or bank accounts. While 11% of the U.S. adult population bought cryptocurrencies as an investment, 2% used them for payments and purchases, and 1% used them to send money to friends and family, the report said.
46% of Americans buying crypto purely for investment purposes earned a yearly salary of $100,000 while only 29% of them earned less than $50,000. Additionally, the Fed report stated that 89% of non-retired investors had…
