U.S. FDIC survey: Underbanked households are more likely to use cryptocurrency

According to a survey by the Federal Deposit Insurance Corporation (FDIC), cryptocurrency use in 2023 was most common among "underbanked" households, which use checks or non-bank loans to meet banking needs. The report surveyed about 60,000 households and found that 6.2% of underbanked households use cryptocurrency, while the proportion of fully banked households using cryptocurrency is 4.8%. Last year, about 14.2% of American households (about 19 million households) were considered underbanked. In addition, cryptocurrency use is higher among more educated, younger households, Asian and white households, and working-age households. There are also gaps in income levels, with 7.3% of households with an income of $75,000 or more using cryptocurrency, while only 1.1% of households with an income of less than $15,000. Among all households that use cryptocurrency, the vast majority hold digital assets as investments, and only 4.4% use cryptocurrency for online shopping. (Cointelegraph)