American Crypto Usage Comparison
Are Americans losing interest in cryptocurrencies, as suggested by the latest Fed survey on the economy and household decision-making? The survey reveals that only 7% of American adults used cryptocurrencies in the 12 months prior to October last year, a significant drop from previous years.
In this evolving landscape, the number of adventurous crypto users is dwindling, with only 1% of adults daring to use cryptocurrencies for payments or transfers. Wealthier individuals, earning over $100,000 annually, show a higher inclination towards investing in cryptocurrencies, particularly Bitcoin (BTC). Millennials and Generation Z lead in crypto investments, while men are notably more involved compared to women.
The survey indicates ethnic disparities: Black and Hispanic adults lean towards financial transactions in crypto, while Asians prefer cryptocurrencies as investments. White adults exhibit less interest in the digital economy.
On the contrasting figures between the Federal Reserve and Coinbase, the Fed's data differs significantly from Coinbase's optimistic numbers. While Coinbase claims that nearly one in five Americans own cryptocurrencies (52 million people), the Fed emphasizes a much lower adoption rate, with only 1% using cryptocurrencies for transactions.
Coinbase advocates for clear crypto legislation, highlighting the importance of blockchain technology in democratizing the economy. On the other hand, the Fed observes a decline in crypto usage without delving into regulatory recommendations.
Ultimately, these differing perspectives from Coinbase and the Federal Reserve present a dichotomy in views towards the crypto industry - optimistic and reformist versus cautious and realistic. The impact of these contrasting narratives on lawmakers and citizens remains to be seen, especially amidst the current legislative focus on the FET21 Act.
