According to the Fed’s latest annual survey, cryptocurrency adoption in the United States fell significantly in 2023. Only 7% of US adults, or around 18 million people, report owning or using digital currencies, down from 12% in 2021.
Crypto adoption on the wane in the U.S. in 2023
According to the latest annual survey from Federal Reserve (Fed), the use of cryptos by American adults has declined in 2023.
Household Economy and Decision Making Survey (SHED) from the Fed reveals that only 7%, or 18 million American adults reported using cryptos in 2023, compared with 10% in 2022 and 12% in 2021. Of these, just 1% will use them for financial transactions, a decrease of 50% on the previous year.
These results contrast with Coinbase which estimates that 52 million Americans own cryptocurrencies.
The survey also reveals that people with an annual income of over $100,000 are more likely to use cryptocurrencies. Millennials (aged 30-44) and Generation Z (aged 18-29) represent the main user groups, with a male predominance.
Men are three times more likely than women to own one. And while black and Hispanic adults use them more for transactions, Asians prefer investment. Conversely, white adults are the least likely to adopt cryptos.
Despite a decline in crypto adoption revealed by the Fed survey, their political influence is growing. Several presidential candidates advance crypto as a weapon to win over citizens. What’s more, nearly 3/4 of American voters believe that presidential candidates should master innovative technologies like crypto and AI. Crypto will therefore certainly be an issue in the 2024 elections.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
