Fed Survey: Only 7% Used Crypto in 2023, Clashing with Coinbase Data

Ipsos conducted the Federal Reserve’s “Economic Well-Being of U.S. Households in 2023” survey, revealing that only 7% of US respondents owned or used cryptocurrencies. This survey, involving 11,400 participants, contradicts Coinbase’s claim that over 52 million Americans hold cryptocurrency.

Federal Reserve Survey: Only 7% of Americans Used Cryptocurrency in 2023

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A recent Federal Reserve survey revealed that only 7% of Americans owned or used cryptocurrency in 2023, contrasting sharply with Coinbase’s claims. The “Economic Well-Being of U.S. Households in 2023” report, conducted by Ipsos, involved 11,400 respondents from various demographics.

Key Findings:

  • Cryptocurrency Usage: Only 7% of respondents used or held cryptocurrency in 2023, down from 10% in 2022 and 12% in 2021.
  • Transaction Preferences: 18% used cryptocurrency for transactions due to its speed, while 28% did so because the recipient preferred it.
  • Demographic Trends: Cryptocurrency usage was more prevalent among younger to middle-aged adults and men, for both investment and transactional purposes.

These findings provide a detailed snapshot of cryptocurrency’s current role in U.S. households, highlighting a decline in usage and contrasting sharply with Coinbase’s reported figures.

Federal Reserve Survey Contradicts Coinbase Data on Cryptocurrency Ownership

Morning Consult conducted a study for Coinbase in February 2023, which included an oversample of 500 cryptocurrency investors within a total sample of 2,202 respondents. This led to earlier reports suggesting that 52.3 million Americans owned cryptocurrency and 75.5 million planned to trade it at least once in 2024.

In contrast, the Federal Reserve’s “Economic Well-Being of U.S. Households in 2023” report showed much lower figures. According to this survey, only 7% of respondents used or held cryptocurrency in 2023.

Key Findings:

  • Sample Size: Coinbase study had an oversample of 500 crypto investors out of 2,202 respondents.
  • Ownership and Intent: Coinbase data suggested 52.3 million owned cryptocurrency and 75.5 million intended to trade in 2024.
  • Federal Reserve Report: Only 7% of respondents reported using or holding cryptocurrency in 2023.

This discrepancy highlights differing perspectives on cryptocurrency adoption in the U.S.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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