Fed acknowledges popularity of cryptocurrencies as an investment instrument

Most Americans view digital assets as an investment instrument rather than a means of payment. This is stated in the annual Fed report on the well-being of US households.

According to the document, 12% of adults owned or interacted with cryptocurrencies. Only 2% used them for purchases, and just 1% for sending funds.

Among those using digital assets as a means of payment, 13% did not have traditional bank accounts, and 27% had a payment card. Nearly six in ten respondents earned less than $50,000 a year, and only 24% earned more than $100,000.

In the group that views digital assets as investments, the picture was the opposite. 99% had a bank account, 46% had income above $100,000, and only 29% earned more than $100,000.

Earlier, data on cryptocurrency use in household wellbeing reports did not appear.

2021 Report Economic Well Being Us Households 202205 by ForkLog on Scribd

Earlier, FTX CEO Sam Bankman-Fried doubted bitcoin’s future as a payment method.

Earlier, Chainalysis analysts put at $47 billion in profit for US residents from cryptocurrency investments in 2021.

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