Federal Reserve Survey: Just 7% Used Cryptocurrency in 2023, Disputing Coinbase Data
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The latest “Economic Well-Being of U.S. Households in 2023” report issued by the Federal Reserve, which was conducted by Ipsos, reveals a significant gap in cryptocurrency adoption among Americans.
Contrary to claims made by Coinbase, which assert that over 52 million Americans are holders of cryptocurrency, the Federal Reserve’s survey shows that only 7% of the respondents reported owning or using cryptocurrencies in 2023.
This data, drawn from a robust sample of 11,400 participants, highlights a stark difference in reported cryptocurrency penetration in the U.S.
Demographic Trends in Cryptocurrency Usage
he survey further explores the demographic and behavioral patterns associated with cryptocurrency usage. Notably, only 18% of users cited transaction speed as a reason for using cryptocurrencies, while 28% preferred it due to the recipient’s preference for digital payments.
The report also indicates that cryptocurrency activities are more prevalent among younger to middle-aged male adults, who engage in both investing and transactional use.
Contrasting Surveys Stir Debate
Jake Donoghue, the author of “Crypto Confidential: An Insider’s Account From The Frontlines of Fraud,” points to another survey conducted by Morning Consult on behalf of Coinbase. Conducted in February 2023, this survey included 2,202 respondents, with an oversample of 500 cryptocurrency investors.
The results suggested that an estimated 52.3 million Americans currently own cryptocurrency, and 75.5 million are projected to trade at least once in 2024, presenting figures that sharply contrast with those from the Federal Reserve’s findings.
This variance in data between these surveys not only fuels ongoing debates about the actual scale of cryptocurrency adoption in the U.S. but also raises questions about the methodologies and sampling techniques used in gauging digital asset penetration.
