The Fed has released a report showing that 12% of US people prefer to invest in cryptocurrencies.
The Fed has released its annual report examining the financial lives of the US people. The report shows that Americans are more likely to use cryptocurrencies as an investment tool than as a means of payment.
US Household Economic Welfare in 2021 is based on the Fed Board’s ninth Annual Survey of Household Economics and Decision Making in October and November 2021. The next report also included data on crypto usage for the first time.
According to the report, 12% of adults surveyed in 2021 held or used cryptocurrencies. The data showed that cryptocurrencies are more preferred as investment vehicles, with only 2% of adults using cryptocurrencies to buy and send money.
The report concluded that the poor are more likely to use cryptocurrencies. 13% of crypto users do not have a traditional bank account, while 27% do not have a credit card. On average, about 6 out of 10 adults using crypto have an income of less than $50,000. Only 24% have income over $100,000.
The research was done before the Omicron variant appeared in 2021. The Fed confirmed that had the research been done later, a different outcome could have come about.
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