Thirteen percent of unbanked Americans used cryptocurrency for payments and remittances, a FED survey found.

Cryptocurrency has become a related topic for the FED. This is the first time it has been included in one of our surveys to better understand adult consumer experiences with emerging payments.

On May 23, the US Federal Reserve released a survey titled “The Economic Well-being of American Households in 2021,” which included several topics about how engaged Americans were with cryptocurrencies.

that much survey It was conducted between October and November 2021 of 11,000 adult Americans to determine their economic situation and the types of investments they made. The FED found that a significant proportion of adults with high incomes ($100,000 or more) are investing in cryptocurrencies.

“People who held cryptocurrencies purely for investment purposes were disproportionately high-income.”

In addition, compared to last year, the number of people using cryptocurrency as an investment tool has increased, surpassing those who use it for transactions or purchases. This translates into greater confidence from adult investors.

What cryptocurrencies are used in the US?

12% of adults surveyed said that they only bought cryptocurrencies for investment purposes. In comparison, 2% said they use it to purchase products or send money to family and friends.

Only 1% of respondents said they use cryptocurrency to send money to family or friends abroad. This shows that very few people in the US still prefer traditional money transfer services or even legacy banking frameworks for international money transfers.

Source: US Federal Reserve

13% of adults without a bank account use cryptocurrency as a means of payment.

Survey results show that 99% of people who invest in cryptocurrencies without using them for trading also have a bank account. In contrast, 13% of unbanked people are more likely to use cryptocurrency as a means of payment as opposed to pure investment or speculation.

“99% of people who invest in cryptocurrency but do not use it for trading have a bank account, and 89% of non-retirement cryptocurrency investors have at least some severance pay.”

The FED also found that 27% of unbanked people without a credit card use cryptocurrency for their transactions, while 7% of people without a bank and no credit card use cryptocurrency as an investment.

In general, the report shows that adoption of cryptocurrencies in the United States is increasing and more people want to invest in cryptocurrencies before actually using them as a means of payment or a fiat currency. This may not come as a surprise given the growing number of politicians pushing for ways to promote cryptocurrency use and empower the industry.

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