In 2023, a Federal Reserve survey found that 18 million Americans used or owned cryptocurrency

In 2023, only 1% of adults in the United States reported utilizing cryptocurrency for payments or money transfers.

According to the Federal Reserve’s latest annual household survey, the number of adults in the United States who reported owning or using cryptocurrency decreased to approximately 18 million in 2023.

In the 12 months leading up to October 2023, 7% of surveyed U.S. adults stated that they used cryptocurrency, which is a decline from 10% in 2022 and 12% in 2021, as per the Fed’s Survey of Household Economics and Decisionmaking (SHED) released on May 21.

Only 1% of adults reported using cryptocurrency for payments or money transfers, which is a halved figure compared to 2022, while 7% purchased or held cryptocurrency as an investment.

The Federal Reserve’s findings significantly diverge from Coinbase’s longstanding assertion, made during its lobbying endeavors, that 52 million Americans possess cryptocurrency. Despite this, Coinbase has yet to respond to inquiries regarding the methodology behind this claim.

Almost 30% of the 1% who utilized cryptocurrency for a financial transaction stated that their decision stemmed from the preference of the recipient, be it an individual or a company. The least commonly mentioned rationale was a lack of confidence in traditional banking institutions.

The survey revealed that individuals earning $100,000 or above annually exhibited a higher propensity for utilizing cryptocurrency for various purposes. Additionally, it indicated that millennials (aged 30 to 44) constituted the largest demographic of crypto users, closely trailed by Generation Z adults (aged 18 to 29). Moreover, men were found to be three times more inclined to engage with cryptocurrency compared to women.

Black and Hispanic adults emerged as the predominant users of cryptocurrency for financial transactions, while Asian adults constituted the largest demographic utilizing crypto for investment purposes. Conversely, White adults exhibited the lowest propensity to engage with cryptocurrency for any purpose.

The survey, conducted in October 2023, included 11,488 participating U.S. adults aged 18 and above. The Federal Reserve adjusted the sample to align with the demographic distribution outlined in the U.S. Census Bureau’s March 2023 Current Population Survey, which estimates a total of 258 million adults in the United States.

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