Popularity of Crypto Among Americans Falls

According to a survey by the Federal Reserve, only 7% of Americans owned cryptocurrencies in 2023, translating to about 18 million adult residents using crypto last year.

This data is from the Economic Well-Being of U.S. Households in 2023 report, part of the Survey of Household Economics and Decisionmaking (SHED), which the Federal Reserve conducts annually.

As per the U.S. Census Bureau, there were approximately 258 million adults in the country as of March 2023. The Fed’s report indicates that only 7% of this adult population owns crypto. Comparing these figures with previous years’ reports reveals a declining trend in crypto popularity in the U.S. In 2022, 10% of the adult population owned cryptocurrencies, and in 2021, the figure was 12%.

Interestingly, in September 2023, Coinbase analysts claimed that around 52 million Americans owned crypto. Policygenius’ research suggested that one in five adult Americans owns cryptocurrency.

The Fed report also noted that most Americans who own cryptocurrency use it primarily for investment purposes, with only 1% using digital assets for payments or money transfers. Among those using crypto for financial transactions, 29% cited the recipient’s preference as the reason, 18% noted the faster transaction speed compared to traditional methods, and 16% appreciated the higher privacy level compared to fiat.

The report highlighted that crypto usage is more common among Americans with an annual income exceeding $100,000. The most active crypto users are millennials (ages 30–44) and adult members of Gen Z (ages 18–29). American men use cryptocurrency three times more frequently than women. The Federal Reserve analysts also observed ethnic differences among U.S. crypto users: Black and Hispanic Americans are more likely to use crypto for financial transactions, whereas Asians are more inclined towards investment. White Americans generally use cryptocurrency less frequently.

The Fed survey was conducted in October 2023, involving 11,488 U.S. residents aged 18 and older.

In 2023, the global number of crypto users grew to 580 million, an increase of approximately 148 million over the year. Analysts predict that by the end of the current year, 1 billion people will own cryptocurrency.

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