Fed’s annual report shows most American crypto investors have ‘disproportionately high income’

Roughly 12% of Americans ain crypto, with astir of them utilizing it for concern purposes, according to the U.S. Federal Reserve Board’s annual report.

A person look astatine the demographics shows that crypto investors successful the U.S. are mostly the rich. According to the report, these investors person “disproportionately precocious income,” and astir person immoderate signifier of a status fund. Additionally, 99% of them person accepted slope accounts.

The study surveyed 11,000 respondents and recovered that the fiscal well-being of Americans is presently astatine the highest level since the regulator began publishing the report. 

Per the report, 78% of U.S. adults said they are “doing good oregon surviving comfortably financially,” with 68% saying they could screen a $400 exigency utilizing cash. 

Crypto demographics

Of the 12% of U.S. adults who owned cryptocurrency, 11% held it arsenic an concern option, 2% utilized it for payments oregon purchases, portion 1% sent it to household and friends.

Only 29% of U.S. crypto investors had income beneath $50,000, portion 46% earned much than $100,000 annually. Meanwhile, 89% of crypto investors inactive moving person status savings.

However, the presumption of those utilizing crypto for payments and transactions is rather different. 20% had income beneath $25,000, and 60% earned little than $50,000 per year, portion lone 24% of this radical made implicit $100,000 annually.

Unbanked crypto users

Additionally, a important percent of radical utilizing crypto for transactions are unbanked, with 13% lacking a accepted slope account, compared to 6% of the mean big American population. Meanwhile, 27% of this radical did not person recognition cards — acold supra the 17% of U.S. adults. 

The study besides noted that those who usage crypto for payments and transactions had little education, with astir a 4th not having a precocious schoolhouse diploma.

The Fed conducted the survey betwixt October 2021 and November 2021, with respondents filling the responses online.

The study noted that the percent of those utilizing crypto among the wide colonisation mightiness beryllium overmuch little than the illustration population.