In 2023, the number of adults in the United States who reported owning or using cryptocurrency fell to approximately 18 million, according to the most recent annual household survey conducted by the Federal Reserve.

The survey, known as the Survey of Household Economics and Decisionmaking (SHED), was published on May 21 and indicated that 7% of U.S. adults used cryptocurrency in the year leading up to October 2023.

This percentage represents a decline from 10% in 2022 and 12% in 2021.

The findings showed that only 1% of adults reported using cryptocurrency as a method of payment or for sending money, a decrease from 2% in the previous year.

However, 7% did purchase or hold cryptocurrency as an investment.

These figures stand in stark contrast to the 52 million Americans Coinbase claims to own cryptocurrency, a number frequently cited in its lobbying efforts.

Coinbase has not responded to inquiries about how this figure was calculated.

Among those who used cryptocurrency for financial transactions, nearly 30% stated they did so because the recipient preferred it.

The least common reason given was a distrust in banks.

Other notable reasons for using cryptocurrency included the speed of transactions and privacy concerns, according to the 1% who used it for this purpose.

The survey also highlighted that individuals with annual incomes of $100,000 or more were more likely to use cryptocurrency.

Millennials, defined as those aged 30 to 44, constituted the largest group of cryptocurrency users, closely followed by Generation Z adults aged 18 to 29.

Men were three times more likely than women to use cryptocurrency.

In terms of demographics, Black and Hispanic adults were the most frequent users of cryptocurrency for financial transactions, while Asian adults were the most likely to use it as an investment.

Conversely, White adults were the least likely to use cryptocurrency for any purpose.

The survey involved 11,488 U.S. adults aged 18 and older and was conducted in October 2023.

The Federal Reserve adjusted the sample to reflect the 258 million adults reported by the U.S. Census Bureau’s March 2023 current population survey.

Sources:

https://cointelegraph.com/news/american-adult-crypto-use-dropped-2023-fed-survey

https://www.federalreserve.gov/consumerscommunities/shed.htm

https://www.coinbase.com/en-au/blog/a-call-to-action-mobilizing-52-million-crypto-owners-into-an-army-of-1