A recent survey in the United States showed that cryptocurrency use is more common in households that do not rely entirely on banks. The Federal Deposit Insurance Corporation (FDIC) surveyed around 60,000 households and found that 6.2% of underbanked households use crypto, compared to 4.8% of those with full bank access.
Underbanked households are those who have a bank account but also use financial services like payday loans and check cashing. Last year, about 14.2% of American households, or about 19 million households, were considered underbanked. Crypto use was also more common among those with higher education, younger households, Asian and white households, and working-age households.
There was an income disparity as well, those with annual incomes of $75,000 or more had a 7.3% crypto usage rate, compared to only 1.1% of households with an annual income of less than $15,000. Most households using crypto as an investment held the digital devices. In total, 4.2% of US households did not have a bank account, and only 1.2% of them used crypto, compared to 5% of banked households.
