Discoveries from a recent Ipsos survey, commissioned by the Federal Reserve, have shaken the world of cryptocurrency. With a staggering 11,400 individuals taking part, the “Economic Well-Being of U.S. Households in 2023” revealed that a mere 7% of Americans are currently involved in the world of digital currency. This jaw-dropping statistic directly contradicts Coinbase’s bold assertion that a whopping 52 million Americans are actively holding cryptocurrency.
Federal Reserve Survey: Only 7% of Americans Used Cryptocurrency in 2023
Revolutionizing the financial landscape, cryptocurrency has been a hot topic for years. However, a recent survey by the Federal Reserve has unveiled a shocking truth – only a mere 7% of Americans have dabbled in this digital currency by 2023.
This revelation stands in stark contrast to the bold claims made by Coinbase, the leading platform for buying and selling cryptocurrency. The highly anticipated “Economic Well-Being of U.S. Households in 2023” report, meticulously conducted by Ipsos, gathered insights from 11,400 individuals representing diverse demographics.
Key findings:
- Cryptocurrency use: In 2023, only 7% of respondents used or held cryptocurrencies, down from 10% in 2022 and 12% in 2021.
- Transaction preferences: 18% used cryptocurrency for its speed, while 28% did so because the recipient preferred it.
- Demographic trends: Cryptocurrencies were more commonly used for both investment and transactions by young to middle-aged adults and men.
These findings provide a detailed snapshot of the current role of cryptocurrencies in American households, highlighting the decline in usage and standing in stark contrast with data reported by Coinbase.
Exclusive: Top 3 Memecoin Set to Explode in May 2024
Bitcoin (BTC) stars are aligning, WHY?
Federal Reserve Survey Contradicts Coinbase Data on Cryptocurrency Ownership
In the ever-evolving world of cryptocurrency, the team at Morning Consult joined forces with leading platform Coinbase to uncover the latest trends and insights. With a total of 2,202 participants, including an oversample of 500 avid crypto investors, the study revealed some eye-opening statistics.
According to the findings, a whopping 52.3 million Americans have already jumped on the crypto bandwagon, while an additional 75.5 million are planning to dabble in the digital currency market at least once in 2024.
In contrast, the Federal Reserve’s “Economic Well-Being of American Households in 2023” report showed much lower figures. According to this survey, only 7% of respondents use or hold cryptocurrencies in 2023.
Key findings:
- Sample size: The Coinbase study had an oversample of 500 crypto investors out of 2,202 respondents.
- Ownership and Intention: Coinbase data shows that there will be 52.3 million owned cryptocurrencies and 75.5 million intended to be traded in 2024.
- Federal Reserve Report: Only 7% of respondents report using or holding cryptocurrencies in 2023.