Federal Reserve Survey Shows More Than 1 In 10 Americans Held Crypto in 2021
There has continued to be growth in how many people are owning and using cryptocurrencies in the United States
Cryptocurrency is going through some hard times at the moment. Along with other markets, it has experienced extreme volatility of late as concerns about inflation, Covid-19 and geopolitical strife have raised the hackles of the global economy. Through it all, crypto has continued to forge forward with steady growth of adoption around the world, including the United States. This was recently shown through a Federal Reserve study that among findings reported that more than one in ten American adults held crypto in 2021.
Danny Nelson of Coindesk reported on the results of the recently released annual survey, which canvassed 11,000 American adults. Including questions about crypto for the first time, the biggest finding in that regard was that 12% of those surveyed confirmed that they held crypto at some point in 2020. By comparison, that figure was estimated to be 8.3% in 2020.
The growth in crypto holders coincides with a surge in financial success in the United States. Derek Andersen of CoinTelegraph detailed how the survey found that 78% of those who participated in the survey reported being “doing okay or living comfortably financially, which is an increase of 3% over the past several years. Perhaps the corresponding dabbling in crypto has in part come from people feeling more financially free to do so.
While that represents a healthy 50% or so growth in holders, the data suggests that the interest is strongly slanted to the side of investors. The Fed survey found that only 3% indicated that they had paid rent or otherwise used cryptocurrency in a transactional way last year. Meanwhile, 11% of respondents indicated they held crypto as an investment.
Crypto appears to appeal to Americans who aren’t as certain of banks. 13% of those who made some sort of payment with digital assets last year indicated they did not hold a bank account, which is more than twice the national number of 6% of Americans who lack one.
On the other hand, those who were into the investing of crypto were all but…