13% of Unbanked Americans Haved Used Cryptocurrency For Payments And Transfers, FED Survey Finds

The FED has become interested in cryptocurrencies. This is the first time that they have been included in one of its surveys, which aims to better understand adult consumers’ experiences using emerging payments.

The U.S. Federal Reserve released a survey entitled “Economic well-being of U.S. citizens” on May 23. The survey, titled “Economic Well-Being of U.S. Households in 2021” included many topics about how Americans are involved with cryptocurrency.

This survey was done among 11,000 adults between October 2021 and November 2021. It aimed to find out about their financial situation and the type of investments they made. The FED discovered that large numbers of people with higher incomes than $100,000 had investments in cryptocurrency.

“Those who kept cryptocurrency for investment purposes were not disproportionately wealthy.”

The research also found that cryptocurrencies are being used more often than ever to invest, and even surpassing transactions or purchases. This results in greater confidence from adult investors.

What is the purpose of cryptocurrencies in the U.S.

Twelve percent of adults surveyed stated that they have purchased cryptocurrency only for investment purposes. 2 percent, on the other hand, said that they use them to send money or buy products.

Only 1% of respondents indicated that they use cryptocurrency to send money overseas to friends and family. This indicates that the United States has a lot of people who still prefer traditional remittance or legacy banking services for international money transfers.

Source: US Federal Reserve

Unbanked adults account for 13% of those who use crypto to pay their bills

The survey found that 99% of those who invest in cryptocurrency without using them for transactions have a bank account. However, 13% of those who aren’t banked are more likely than others to use crypto for payment rather than pure speculation or investment.

“99 percent” of cryptocurrency investors, even those who aren’t using it for transactions, have a bank account. 89 percent of non-retired cryptocurrency investors have at least some retirement savings.

The FED also indicated that 27% use cryptocurrency for transactions by those who don’t have credit cards, and 7% use crypto to invest.

The report found that cryptocurrencies are becoming more popular in America and that more people want to invest in them before they can be used as a payment method or substitute for money. This is not surprising considering the increasing number of politicians who are pushing to encourage the use of cryptocurrency and to give support to the industry.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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