The number of United States adults reporting crypto ownership or usage has seen a significant decline, according to the latest annual household survey conducted by the Fed.
The survey, known as the Survey of Household Economics and Decisionmaking (SHED), indicates that approximately 18 million US adults reported using cryptocurrencies in 2023, representing a drop from previous years.
In the 12-month period leading up to October 2023, the survey found that 7% of the surveyed US adults reported using cryptocurrencies, down from 10% in 2022 and 12% in 2021.
Only 1% Used Crypto for Financial Transactions: Fed Survey
Among those who reported using crypto, only 1% stated that they used it for financial transactions or sending money, which is a 50% decrease from the previous year.
On the other hand, 7% of respondents mentioned purchasing or holding cryptocurrencies as an investment.
These findings…
