A recent survey found that cryptocurrency use is more common among households that do not rely entirely on banks. The survey, conducted by the FDIC, found that 6.2% of underbanked households use crypto, compared to 4.8% of those with full bank access. The underbanked are those who have a bank account but also use financial services like payday loans and check cashing.
About 14.2% of American households, or about 19 million households, were considered underbanked last year. Crypto use was also more common among households with higher education, younger households, Asian and white households, and working-age households. The report found some income disparity as well: those with annual incomes of $75,000 or more had a 7.3% crypto usage rate, while only 1.1% of households with an annual income of less than $15,000 used crypto.
The vast majority of households using crypto as an investment held the digital devices. Overall, 4.2% of US households do not have a bank account, and the survey found that only 1.2% of unbanked households used crypto, compared to 5% of banked households.
