Fed Releases Surprising Data on Cryptocurrency
A Federal Reserve survey found that 12% of adults in the U.S. used or held cryptocurrency within the past year.
Interestingly, just 3% of those Americans used cryptocurrency for financial transactions.
The data showed an income disparity between those who used cryptocurrency as an investment method and those who used it for financial transactions. The investors had disproportionately high incomes while the transactors’ were lower-than-average earners.
The Fed’s data shows an overall uptick in the popularity of cryptocurrency, though the sector has seen a significant sell-off in recent months.
“There is pandemonium across all markets. Inflation is rising, interest rates are rising, and the actual effects at the consumer level are even much more dramatic than the Fed or government want to acknowledge,” cryptocurrency entrepreneur Travis Bott told the Washington Examiner.