Fed acknowledges popularity of cryptocurrencies as an investment vehicle
- May 24, 2022
- 0
Most Americans see digital assets as an investment, not a means of payment. This is outlined in the Fed’s annual report on US household welfare. According to the
Most Americans see digital assets as an investment, not a means of payment. This is outlined in the Fed’s annual report on US household welfare.
According to the document, 12% of adult citizens own or interact with cryptocurrencies. Only 2% used them for purchases and only 1% to send money.
Of those using digital assets as a means of payment, 13% did not have traditional bank accounts and 27% did not have a payment card. Almost 6 out of 10 participants earned less than $50,000 per year, while only 24% earned more than $100,000.
The opposite picture was observed in the group that evaluated digital assets for investment purposes. 99% had a bank account, 46% had an income of over $100,000, and only 29% earned half as much.
Previously, data on the use of cryptocurrencies did not appear in reports of household well-being.
2021 Report Economic Prosperity We Households 2020205 by ForkLog on Scribd
Recall that FTX CEO Sam Bankman-Fried questioned the future of bitcoin as a means of payment.
Previously, Chainalysis experts had estimated the profits of US residents from their cryptocurrency investments to be $47 billion in 2021.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
