% 1.84
BTC Dominance:
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
$ 68.557
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

Fed Survey Shows 18M Fewer Cryptocurrency Users in 2023

Cryptocurrency Crypto

According to the most recent Federal Reserve household survey, there were about 18 million fewer Americans who said they owned or used cryptocurrencies last year.

According to the Fed’s Survey of Household Economics and Decisionmaking (SHED), released on May 21, 7% of questioned U.S. adults said they used cryptocurrency in the 12 months to October of last year, down from 10% in 2022 and 12% in 2021.

While 7% bought or stored cryptocurrency as an investment, just 1% of adults stated they use it as a payment method or to transfer money, down half from 2022.

The Fed’s findings are far short of Coinbase’s much-touted lobbying claim that one in five, or 52 million, Americans possess cryptocurrency. A request for an explanation about how Coinbase came to the figure was not answered.

Of the 1% who utilized cryptocurrency in a financial transaction, almost 30% claimed it was because the recipient or company liked it. Bank distrust was the least-mentioned cause.

The poll revealed that those making $100,000 or more a year were more likely to have utilized cryptocurrency for any purpose overall.

Additionally discovered were that adult Gen Zs between the ages of 18 and 29 and millennials, who range in age from 30 to 44, accounted for the majority of crypto users. Three times as many males as women used cryptocurrency.

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