{"id":11037,"date":"2022-05-23T21:18:19","date_gmt":"2022-05-23T21:18:19","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/fed-report-finds-most-americans-who-own-crypto-tend-to-be-high-income-hodlers\/"},"modified":"2022-05-23T21:18:21","modified_gmt":"2022-05-23T21:18:21","slug":"fed-report-finds-most-americans-who-own-crypto-tend-to-be-high-income-hodlers","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/fed-report-finds-most-americans-who-own-crypto-tend-to-be-high-income-hodlers\/","title":{"rendered":"Fed report finds most Americans who own crypto tend to be high income hodlers"},"content":{"rendered":"

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The United States Federal Reserve Board has included data on cryptocurrency in its new Economic Well-Being of U.S. Households in the 2021 report. The Fed\u2019s ninth annual report looked at survey results from 11,000 people questioned in October and November 2021.\u00a0<\/p>\n

The report indicated financial wellbeing is the highest it has been since reporting began, with 78% of U.S. adults \u201cdoing okay or living comfortably financially.\u201d That is an increase of 3% over the last three years. As a diagnostic of financial fitness, the report cites the 68% of Americans who say they could cover a $400 emergency expense using cash or its equivalent alone.<\/p>\n

The report looked at cryptocurrency usage for the first time. It found that 12% of U.S. adults held or used crypto in 2020, with 11% holding it as an investment, 2% using it for a purchase or payment and 1% sending it to friends or family. Investors holding crypto \u201cwere disproportionately high-income, almost always had a traditional banking relationship, and typically had other retirement savings.\u201d Forty-six percent had annual incomes of $100,000 or more and 89% of those who were not retired had retirement savings. Twenty-nine percent had incomes under $50,000.<\/p>\n

Related: Rising global adoption positions crypto perfectly for use in retail<\/p>\n

The profile of the typical user making transactions with crypto differs starkly from investors. The report claimed that almost 60% of these users had incomes below $50,000, with 20% having incomes under $25,000. Only 24% had incomes above $100,000. Thirteen percent did not have a bank account. That compares with the 6% of adult Americans who lack bank accounts. Twenty-seven percent of those who used crypto for transactions did not have credit cards, compared to 17% of the total population. <\/p>\n

Those who used crypto for transactions faced other disadvantages as well. Almost a quarter did not have a high school diploma, according to the results of the report.<\/p>\n