With crypto adoption widening its wingspan worldwide, according to a recent survey, unbanked Americans are leading the way. As the Federal Reserve set out to better understand the experiences of adult consumers with emerging payment options, a large-scale survey was conducted. This is the first time the FED has included cryptocurrencies.
The survey titled the Economic Well-Being of U.S. Households in 2021, was sent to 11,000 adult Americans with the intention of better understanding the country’s economic situation and what kind of investments people are engaging in. The results showed that both high-income and low-income individuals were using cryptocurrencies.
High-Income Individuals
According to the data, a large number of individuals with an income bracket greater than $100,000 invested in cryptocurrencies.
Unbanked Individuals
17% of adults with an income of under $25,000 are unbanked, meaning that they do not own a bank account and use alternative financial services. According to the study, “lower-income adults were also more likely to use cryptocurrencies for transaction purposes.”
27% of unbanked individuals who do not have a credit card use crypto for transactions while 7% use crypto as an investment.
Cryptocurrency For Investment Purposes
It was also noted that there was a significant increase in the number of people investing in cryptocurrencies, illustrating that the public had greater confidence in the market.
12% of American adults surveyed said that they had invested in crypto for investment purposes, while 2% said they had bought crypto to use for sending money and payment purposes.
Cryptocurrency For Payment Purposes
3% of the adults who completed the survey concluded that they use cryptocurrencies for money transfer and purchases, and of those 3%, 13% are unbanked.
Remittance Purposes
While the confidence grew in terms of investing in crypto, the same cannot be said for the remittance market. Only 1% of Americans reported using cryptocurrency to send money to family outside of the country in 2021.
In Conclusion
The report showed a general increase in the number of people engaging with the crypto market, whether it be for investment or transaction purposes. With a surge in politicians pushing to incorporate crypto into daily living, adoption rates are steadily increasing.
The Oobit Solution
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