10% of U.S. adults held or used crypto property final yr, down simply 2 proportion factors from 2021.
Nearly all of United States-based crypto holders who had been energetic throughout the giddy highs of the 2021 bull market caught round for the 2022 bear development.
The U.S. Federal Reserve’s Financial Properly-Being of U.S. Households in 2022 report mentioned 10% of U.S. adults held or used crypto property in 2022, down simply 2 proportion factors from the earlier yr.
2022 shall be remembered for the collapse of Terra and its ecosystem, quite a few multi-billion greenback CeFi insolvencies, and a harsh macroeconomic local weather that includes rising rates of interest. However regardless of all the current market turmoil, the share of U.S. adults utilizing cryptocurrency retraced solely barely year-over-year.
In the meantime, funding fervor slowed, with 8% of customers stating they bought crypto as an funding, in comparison with 11% the earlier yr. Solely 2% of adults mentioned they used crypto for funds and purchases throughout each years.
Demographic Breakdown
The largest share of crypto customers had been aged between 30 and 44 years previous at 15%, adopted by 14% of adults aged 18 to 29 who used crypto, 10% of respondents aged 45 to 59, and simply 3% aged 60 years or older.
Nevertheless, 18 to 29-year-olds represented the smallest band of age teams analyzed by The Fed, indicating crypto adoption nonetheless skews closely in direction of youthful customers.
Males had been twice as seemingly to make use of crypto with 14% of respondents, in comparison with 7% of ladies.
Survey respondents mentioned they used cryptocurrency to entry improved privateness of settlement speeds when transacting.
Unbanked Populations
The information additionally exhibits that those that are unbanked and in a decrease revenue bracket depend on crypto for non-investment transactions greater than these with increased revenue and with entry to banking.
5 % of unbanked adults used cryptocurrency for monetary transactions, in contrast with 3% amongst banked adults, the report mentioned, and 4% % of respondents with an annual household revenue under $25,000 mentioned they used crypto for monetary transactions, twice as many as another revenue demographic.
“Use of cryptocurrency for monetary transactions was extra frequent among the many unbanked, in addition to those that used nonbank test cashing and cash orders,” the report mentioned.
