Cryptocurrency Usage Higher Among Underbanked Households, FDIC Survey Reveals

According to BlockBeats, a recent survey by the Federal Deposit Insurance Corporation (FDIC) highlights a notable trend in cryptocurrency usage among different household banking statuses in 2023. The findings indicate that underbanked households are more inclined to use cryptocurrencies compared to those with full banking services. The survey reveals that 6.2% of underbanked households have adopted cryptocurrency, whereas only 4.8% of fully banked households have done the same. This suggests a growing reliance on digital currencies among those with limited access to traditional banking services. The data also shows a correlation between household income and cryptocurrency usage. Households with an income of $75,000 or more have a higher cryptocurrency usage rate of 7.3%, in contrast to just 1.1% among households earning less than $15,000. Furthermore, the survey highlights a stark difference in cryptocurrency adoption between banked and unbanked households. Only 1.2% of unbanked households reported using cryptocurrencies, compared to 5% of those with bank accounts. This disparity underscores the role of banking access in influencing the adoption of digital financial tools. The findings provide insight into the demographic and economic factors driving cryptocurrency usage, suggesting that financial inclusion and income levels play significant roles in the adoption of digital currencies.