According to a Federal Reserve survey, 18 million Americans used or owned cryptocurrency in 2023.

The latest annual household survey from the Federal Reserve revealed that the number of American adults reporting cryptocurrency ownership or usage dropped to around 18 million in 2023. According to the Fed's Survey of Household Economics and Decisionmaking (SHED) published on May 21, only 7% of U.S. adults reported using crypto in the 12 months leading up to October 2023, a decrease from 10% in 2022 and 12% in 2021.

Only 1% of adults used crypto as a payment method or to send money, which is half the percentage from 2022, while 7% bought or held crypto as an investment.

The Fed's figures are significantly lower than Coinbase's claim that 52 million Americans own crypto, a figure used in its lobbying efforts. Coinbase did not respond to a request for comment on how it derived this number.

Among the 1% using crypto for financial transactions, nearly 30% did so because the recipient preferred crypto. The least cited reason was a lack of trust in banks.

The survey found that individuals with annual incomes of $100,000 or more were more likely to use crypto for any reason. Millennials, aged 30 to 44, constituted the largest group of crypto users, followed closely by Generation Z adults aged 18 to 29. Men were three times more likely to use crypto than women.

Black and Hispanic adults were the most frequent crypto users for financial transactions. Asian adults were the predominant group using crypto as an investment, while White adults were the least likely to use crypto for any purpose.

The survey was conducted in October 2023 with 11,488 U.S. adults aged 18 and older participating. The Fed weighted the sample against the 258 million adults as per the U.S. Census Bureau’s March 2023 current population survey.

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