According to a new Federal Reserve survey, people who transacted with cryptocurrencies were twice as likely to be locked out of an account than those who didn’t use them at all.
The Fed found that 13% of Americans who use crypto for payments do not have bank accounts, out of the 6% who do not use crypto at all. Meanwhile, 27% of people who use crypto for payments report don’t have a credit card, with 17% of people who don’t own crypto or use crypto.
This is the first time a US regulator has asked a question about cryptocurrencies to its 11,000-person survey panel in October and November. The Fed has been conducting its annual survey to assess the financial well-being of Americans since 2013.
Overall, the Fed survey estimates that 12% of Americans own or use assets: Bitcoin And Ethereum Last year.
earlier this month, bad comments The Federal Reserve’s Open Market Committee sent markets—traditional and crypto—into free fall as the regulator announced it would raise interest rates by half a percent.
New survey finds that people who use crypto for payments are much less likely to have retirement savings. But the retirement savings rate was roughly the same among those who don’t use crypto, 27%, and those who use it purely as an investment, 29%.
It has also been said that people who use crypto assets like bitcoin and ethereum as investments tend to be rich.
The Federal Reserve wrote, “Those who held cryptocurrency solely for investment purposes tended to have disproportionately high incomes, almost always had traditional banking relationships, and generally had other retirement savings.”
The survey found that 46% of crypto investors had an income of at least $100,000. Those earning less than $50,000 make up 29 percent of crypto investors.
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