AMERICANS HOLDING CRYPTO STATED TO BE HIGH INCOME HOLDERS: FED REPORT
The United States Federal Reserve Board has included cryptocurrency data in the Economic Well-Being of U.S. families. in a 2021 report. The Fed's annual report looks at the results of a survey of 11,000 people interviewed in October and November 2021.
The report states that financial well-being has been the highest since the start of the report, with 78% of US adults "doing well or living financially well." That is a 3% increase over the last three years. As a test of financial stability, the report quotes 68% of Americans who say they can pay $ 400 emergency expenses using cash or its equivalent.
The report looks at the use of cryptocurrency for the first time. It found that 12% of US adults hold or use crypto by 2020, 11% hold it as an investment, 2% use it to buy or pay and 1% send it to friends or family. Investors in charge of crypto "had an equal amount of money, almost always had traditional banking relationships, and often had other retirement funds." Forty-six percent had an annual income of $ 100,000 or more and 89% of those who had not retired had retirement savings. Twenty-nine percent have an income of less than $ 50,000.
The average user profile that conducts crypto transactions is very different from investors. The report states that about 60% of these users have less than $ 50,000, while 20% have less than $ 25,000. Only 24% earn more than $ 100,000. Thirteen percent did not have a bank account. That compares with 6% of American adults who do not have bank accounts. Twenty-seven percent of those who used crypto in transactions did not have credit cards, compared to 17% of the total amount.
Those who use crypto when trading are facing some disadvantages. About a quarter did not have a high school diploma, according to the report.