A survey conducted by the FDIC in the US found that cryptocurrency use was more prevalent in households that do not rely solely on banks. Among underbanked households, which have bank accounts but also use other financial services, 6.2% used crypto, compared to 4.8% of households with full bank access.
Underbanked households are those who use financial services like payday loans and check cashing. In 2022, about 14.2% of American households were considered underbanked. Crypto use was also higher in households with higher education, younger demographics, and Asian and white households. The report revealed an income disparity, with 7.3% of households earning $75,000 or more using crypto, compared to only 1.1% of households earning less than $15,000.
The majority of households using crypto as an investment held their digital devices.
