Nearly half of US crypto investors last year had six-figure earnings
- The Fed said 46% of American adults who used crypto as an investment last year had an annual income of $100,000 or more.
- Meanwhile, 29% of crypto investors had incomes of $50,000 or less, according to the 2021 US Household Economic Well-Being report.
- Overall, 11% held crypto as an investment, 2% used it to buy something, and 1% used it to send money to friends or family.
Almost half of American cryptocurrency investors in the United States last year had high incomes, the
said Monday in a report.
According to the 2021 US Household Economic Well-Being report, 46% of US adults who only used cryptocurrencies as an investment earned $100,000 or more per year, while 29% of investors had an income of $50,000 or less. The previous Fed report did not include data on crypto usage.
Overall, 11% of American adults held crypto as an investment, while 2% used it to buy something and 1% used it to send money to friends or family.
The findings coincide with last year’s massive crypto rally, which saw bitcoin surge as high as $69,000. But the sector has come under fire this year amid a global selloff in risky assets.
While investors accounted for a larger share of crypto users, the Fed reported that around 60% of those who use crypto for payments earned less than $50,000 per year, compared to 24% for those who earned $100,000. $ or more.
And those using crypto for payments were less likely to have access to traditional financial tools: 13% of these users did not have traditional bank accounts and 27% did not have credit cards.