Cryptocurrency Usage Disparities in the United States

A recent report by the Federal Deposit Insurance Corporation (FDIC) found that in 2023, cryptocurrency usage was more prevalent in 'underbanked' households compared to fully banked ones. The survey of 60,000 households revealed that 6.2% of underbanked households used crypto, while only 4.8% of fully banked households did. The underbanked, who have bank accounts but also use nonbank financial services, made up about 14.2% of US households. The report also highlighted disparities based on education, age, ethnicity, and income levels. Interestingly, the majority of crypto users held digital assets as investments rather than for online purchases. Additionally, the survey showed that unbanked households had lower crypto usage rates compared to banked households. The findings underscore the existing disparities in access to banking services, particularly for minority, lower-income, disabled, and single-parent households, which need to be addressed according to FDIC Chairman Martin Gruenberg.