12% of US Adults Held Crypto in 2021 Says Fed Reserve Survey

12% of U.S. adults held crypto currency in 2021, according to the Economic Well-Being of U.S. Households in 2021 report which was published on Monday. That report draws from the Board's ninth annual Survey of Household Economics and Decisionmaking, or SHED, which was conducted in October and November of last year. 

The Federal Reserve also took to Twitter to make their announcement public in the form of four tweets. 

The annual survey, questioned 11,000 U.S. adults on their economic well-being, which included cryptocurrency for the first time. This is just the latest sign from the U.S. central bank and their growing interest in cryptocurrency. 

The data also showed that the majority of Americans are not invested in crypto as a currency but more so as an asset. While 12% held crypto, only 3% of respondents claimed they used crypto as a payment method. Therefore we can assume that 75% of crypto owners are more interested in it as a traditional stock than an additional payment option. 

Among the 3% of crypto users that used it as a payment method, 13% of those people said they did not have a bank account. In addition, the study pointed out that lower-income adults were more likely to use crypto for transactions, which could explain the 13% not having a traditional bank account. 

On the other hand, people that used crypto as an investment opposed to a payment method were deemed “higher-income” status. 46% of those adults that said they used cryptocurrency as an investment make $100,000 per year or more. Furthermore, 99% of adults using it as an investment have a bank account. 

Author: Tyler Irvin

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