Fed: Americans are more likely to invest in cryptocurrencies than use them as a means of payment

Article Reading Time:
2 minutes.

US Federal Reserve (FRS) posted a report saying that a significant portion of Americans with incomes over $100,000 have invested in cryptocurrencies.

In a Fed study called“U.S. Household Economic Well-Being 2021” covered several topics related to the level of adoption of cryptocurrencies by U.S. citizens. The survey was conducted among 11,000 Americans between October and November 2021 to learn about their economic status and the types of investments they made.

The study showed that compared toLast year, the number of people using cryptocurrencies as a form of investment increased, surpassing the number of those who used them for transactions or purchases. This indicates growing confidence in digital assets among US investors.

“Those who held cryptocurrency solely for investment purposes had disproportionately high income,” the document says.

According to the report, 12% of respondents said thatpurchased cryptocurrencies only for investment purposes, and only 2% of respondents reported using digital assets to buy products or send money to family or friends in the US. Just 1% of respondents said they used cryptocurrencies to send money to loved ones outside the country.

This suggests that most Americansstill prefer traditional banking services for international money transfers. The report's authors claim that 13% of unbanked US citizens use cryptocurrency as a means of payment.

Moreover, 99% of Americans who investin cryptocurrencies and do not use them for transactions, have a bank account. The report states that 27% of non-bank lending institutions (NPOs) that do not have credit cards use cryptocurrencies for transactions, and 7% of those without bank accounts and credit cards use cryptocurrencies for investments.

However, according to an NBC News poll, only 19% of Americans perceive cryptocurrencies positively.