A new Fed report says that more than a tenth of the American adult population invested in or made use of cryptocurrencies during the bull run last year, fueled by a rally that saw the price of Bitcoin jump from $3.000 to $69.000.
According to one report 12% of American adults invested in cryptocurrencies in 2021 and 3% used them for money transfers. Those who invested their money in Crypto had high incomes and access to traditional banking services, while people who used cryptocurrencies for transaction purposes tended to have lower incomes and sometimes did not have access to credit cards or bank accounts. While 11% of the US adult population bought cryptocurrencies as an investment, 2% used them for payments and purchases, and 1% used them to send money to friends and family, according to the report.
46% of Americans who buy cryptocurrencies purely for investment purposes earn an annual salary of $100.000, while only 29% of them earn less than $50.000. Furthermore, the report of Fed stated that 89% of non-retired investors had retirement savings and 99% of them had a bank account.
On the other hand, of people who use cryptocurrencies for money transfers, only 24% had an income of $100.000 or more, while 60% earned less than $50.000 a year. It is worth noting that 27% of transactional users did not have a credit card and that 13% did not have a bank account.
The report also stated that 6% of the US population did not have a bank account, with black (13%) and Hispanic (11%) adults being less likely to have a bank account than the general adult population.
