18 million US residents used cryptocurrency in 2023
Date: 2024-05-23 Author: Henry Casey Categories: IN WORLD
In 2023, 18 million US residents used cryptocurrencies, representing 7% of the country's adult population. This is data from a report by the US Federal Reserve (Fed), which shows trends in the use of digital assets among Americans. However, this figure has decreased over the past two years, indicating a change in user attitudes and behavior.
Fed Study: Key Findings
The Fed conducted its Survey of Household Economics and Decision Making (SHED) in October 2023. More than 11,000 Americans over 18 years of age took part in the survey. The study covered issues related to income, expenditure, employment, investment and other financial aspects.
Falling Interest in Cryptocurrencies
According to a Federal Reserve study, in 2023, only 7% of US adults owned or used cryptocurrencies. This figure has decreased compared to previous years: in 2022 it was 10%, and in 2021 it was 12%. This decline may be due to various economic and social factors, including volatility in cryptocurrency markets and changes in the regulatory environment.
Cryptocurrencies as an Investment
It's interesting to note that only 1% of American adults used cryptocurrencies as a means of payment, which is half the rate in 2022. In most cases, US residents held virtual assets as investments. This trend supports the assumption that cryptocurrencies are perceived more as assets for long-term storage than as a medium of exchange.
Demographic Portrait of Users
Fed analysts also found that the largest share of cryptocurrency users are US residents aged 30 to 44 years. Men used digital assets three times more often than women. These demographic data help us better understand which populations are most interested in cryptocurrencies and why.
Comparison with Coinbase Data
Interestingly, the results of the Fed study differ from the data provided by Coinbase. According to Coinbase, 52% of US adults are looking for alternatives to traditional financial instruments, and 425 million people worldwide use cryptocurrencies. This data suggests that interest in cryptocurrencies may be much higher than reflected in the Fed report.
The Fed's report on the decline in cryptocurrency users in the US over the past two years raises many questions and highlights the need for further research. Although the number of users has declined, a significant number of Americans continue to use digital assets, primarily as investments. This data is important for understanding the current trends and future prospects of the cryptocurrency market in the United States.
