The “Economic Well-Being of U.S. Households in 2023” survey, prepared by the Federal Reserve and executed by Ipsos, has revealed that only 7% of the people polled held or used cryptocurrency in the U.S. The survey, which included 11,400 respondents, contrasts with the over 52 million U.S. citizens who crypto exchange Coinbase claims hold crypto in the country.
Federal Reserve Poll Reveals Only 7% Used Cryptocurrency in 2023; Contradicts Coinbase Data
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Federal Reserve Survey Clashes With Coinbase Poll: Only 7% Held Cryptocurrency in 2023
The recently released “Economic Well-Being of U.S. Households in 2023” report, prepared by the Federal Reserve, has offered new insight into the level of penetration of cryptocurrency in U.S. society.
The traditional yearly survey, which included questions from the Federal Reserve and was applied by Ipsos, a consulting and market research company, featured the participation of 11,400 respondents from different demographic groups. Of all the citizens polled, only 7% declared using crypto during 2023. This number is lower than the percentage reported in 2022 (10%), and even lower than the numbers reported in 2021 (12%).
Only 18% of the responders using crypto for cryptocurrency transactions reported using it due to its fast finality while 28% answered they used it due to the recipient preferring to receive crypto. The survey also found that crypto usage was “more common among younger-to-middle-age adults and men, both for investment and transactions.”
Jake Donoghue, author of “ Crypto Confidential: An Insider’s Account From The Frontlines Of Fraud,” compared this data with the numbers obtained by U.S.-based cryptocurrency exchange Coinbase’s poll. Donoghue called out Coinbase’s claims of 52 million citizens owning crypto in America.
Donoghue stated:
Coinbase where are you getting your figures from? The Fed seems to refute them.
Morning Consult, the company that executed the survey on behalf of Coinbase on February 2023, commented it used an oversample of 500 cryptocurrency investors in a 2,202 sample for the poll. This led to the previously criticized data indicating that 52.3 million adults owned crypto, and 75.5 million adults expected to trade crypto at least once in 2024.
What do you think about the crypto-related results from the Federal Reserve’s Economic Well-Being of U.S. Households in 2023″ survey? Tell us in the comments section below.
