A Federal Reserve (Fed) study found that the wealthiest Americans are the most likely to use cryptocurrencies. Most use them as investment tools, not payment tools.
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The number of people in the United States using cryptocurrencies has been on the rise and most are part of the unbanked population, a recent survey suggests.
The U.S. Federal Reserve (FED), the nation’s central bank, released its annual report on Monday.informe anual which examines the financial lives of Americans, which for the first time included cryptocurrencies. It is the report “ Economic Well-Being of U.S. Households in 2021 “based on the results of a survey that was distributed to 11,000 residents during October and November of last year.
The annual survey assesses a number of factors that seek to measure the economic health of consumers, including questions about income, types of jobs, taxes, bank loans and other data related to citizens’ spending and financial circumstances. The survey for the first time included questions about ownership and adoption of cryptocurrencies.
12% of Americans own crypto
Data compiled by the Fed revealed that, by 2021, 12% of the adult population in the U.S. owned or used digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . Overall, the study suggests that most cryptocurrency users are not so interested in using cryptocurrencies as a payment mechanism; instead, they turn to the new asset class as an investment instrument.
Of this group, 11% said they used cryptocurrencies as a form of investment, while 11% said they used cryptocurrencies as a form of investment. “ 2% of adults said they had used cryptocurrencies to buy something or make a payment in the previous 12 months, and 1% used them to send money to friends or family members “ the report said.
Likewise, the research also found that users who turned to cryptocurrencies were twice as likely to be unbanked as people who didn’t use them at all. The Fed publication notes:
The use of cryptocurrencies as an investment was much more common than use for transactions or purchases. However, while transactional use of cryptocurrencies was low, those using cryptocurrencies to buy rather than as an investment often lacked traditional bank accounts and credit cards.
Adoption is seen among the wealthiest
En este sentido, la autoridad monetaria norteamericana encontró que el estatus socioeconómico de la población también era un factor en la tendencia de adopción de activos digitales. Como tal, es más probable que los adultos con ingresos más bajos acudan a las criptomonedas para fines transaccionales, mientras que los que tienen ingresos más altos las usen como inversión, según halló el estudio.
“ El 46% of those who used cryptocurrencies only for investment had an income of $100,000 or more. while 29 per cent had an income of less than $50,000. “, the report said. “ In addition, the 99% of those who invested in cryptocurrencies, but didn’t use them for transactions, had a bank account an account is essentially a whose purpose is to track the financial activities of a specific asset/ and 89% of non-retired cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. investors had at least some retirement savings. “. Further on, the study further addresses this gap:
Thirteen percent of those who used cryptocurrencies for transactions lack a bank account, compared to 6 percent of adults who did not use cryptocurrencies. Similarly, 27% of cryptocurrency users for transactions do not have a credit card, outnumbering the 17% of users who do not have a credit card.
The survey results ultimately suggest that the wealthiest Americans are the ones who are rapidly entering the crypto space. The group with “ disproportionately high incomes The “banked population,” as highlighted by the Fed, who are investing in cryptocurrencies, are part of the banked population, most of whom enjoy retirement savings.
The FED is interested in knowing about Bitcoin
As he points out The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. the research was carried out before the increase of the variant Omicron in 2021. The Federal Reserve acknowledged that this and other changes in the economic outlook could have affected the outcome of the study if the research had been conducted later.
Still, the report indicated that self-reported financial well-being was at its highest level since the survey began in 2013. The incorporation of cryptocurrencies in this survey is the latest sign of the U.S. central bank’s growing interest in understanding the growing cryptoeconomy.
- Wells Fargo believes crypto adoption is approaching a tipping point: “It’s still early to invest”
- Former US Fed Chairman: “I don’t think Bitcoin will take over as an alternative form of money.”
- U.S. federal agency FDIC requires banks to report cryptocurrency activities
Article by Hannah Estefania Perez / DiarioBitcoin
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