Reshab AgarwalThe US Federal Reserve publishes a crypto ownership report for 2022 showing some exciting trends in the adoption. The report gives insight into how crypto has spread its roots among Americans and its role among the unbanked population. This report is entirely statistical and has no personal views or opinions of the Federal Reserve, making it neutral. Let’s look at some of the crucial things that it states.
US Federal Reserve publishes crypto ownership report
The most important thing that the report states are that Americans that use crypto for transactions are more likely not to have a traditional bank account or credit cards. This is great as it shows crypto is seeping into the lives of even those Americans that have stayed unbanked all these years. However, crypto is still mostly seen as an investment rather than a medium for making transactions.
Federal Reserve
The report also says that 12% of the US Adults hold or use crypto. Around 11% of people who see crypto as an investment had very high income, other retirement saving options, and a traditional banking presence. It was also stated that around 46% of investors were at least making $100k a year, 99% had a bank account, and 89% had at least some other retirement options.
On the other side of the spectrum, around 60% of those who used crypto as a payment medium were making less than $50k a year, and only about 24% of them had an income of $100k or more. These metrics conclude that the lower-income group is treating crypto more as a payment medium. In contrast, the higher income side sees it more as an investment.
Crypto adoption is steadily on the rise in the US
Since 2021 we have seen a major boom in the crypto markets. Of all the users in many nations, almost half of them entered the markets in 2021. The US is no different, with 44% of new users joining in 2021. Inflation was one of the main drivers of this adoption, and unless the feds do anything to stop it, the crypto adoption will continue.
What are your thoughts on the crypto ownership report that US Federal Reserve published? And do you think the crypto adoption pace is good enough? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Investor Jim Rogers is optimistic about crypto’s future.