It is an understatement to suggest that cryptocurrency popularity has increased during the last decade. Recently, the crypto community on Twitter celebrated the 12th anniversary of Bitcoin since its launch.
In the same fashion, a new report published by the Federal Reserve suggests that in 2021 around 12% of the total adult population of the United States will participate in crypto trading.
When cryptocurrencies were introduced, at first most people were averse to the feasibility of the new technology, just like many other options. However, with time and innovations, more and more people in the United States are growing comfortable with the digital asset market.
The report published by Federal Reserve indicates that the popularity of cryptocurrencies has seen a steady rise over the years.
The statistics from the Federal Reserve report that accounts for 12% American adult population using cryptocurrencies last year also postulated that 3% of the percentage used cryptocurrencies to settle bills and make payments.
It is also worth noting that most of the investors that had stakes in cryptocurrencies enjoyed high incomes and were connected with high-end private banking opportunities.
On the other hand, the percentage of people who used cryptocurrencies as payment options tend to hail from lower-income strata of the society and were not credit cardholders.
Furthermore, 11% of the adult population opted to purchase cryptocurrencies as an investment diversifier. In addition, only 2% of the participants claimed that they had used cryptocurrencies as payments, and the remaining 1% used them for remittance or to send money to friends and family members.
Crypto Adoption Increases in the US
Federal Reserve financial market and consumer behaviour analysts also suggest that around 46% of American adults who said they wanted to purchase cryptocurrencies contained 24% at the $100,000 income stage while 60% from less than $50,000 yearly income earners.
Out of the participants who said that they wished to invest the money into the cryptocurrency investment contained, around 27% of users did not own a credit card, while the remaining 13% did not have access to a bank account.
The report by Federal Reserve also postulated that the 6% of the USA population who were unbanked accounts for 13% of African Americans and 11% of Hispanic populations.
These statistics go to show the inner thoughts and motivations of the people who are using cryptocurrencies as a mode of payment. At present, cryptocurrency payments are largely considered a method for bypassing the restrictions and regulatory pressure imposed by the central government.