A new report by the Federal Deposit Insurance Corporation (FDIC) reveals a significant prevalence of cryptocurrency usage among underbanked households in the U.S.
Crypto Among Underbanked Households
The FDIC report, published on November 12, 2023, highlights that about 6.2% of underbanked households—those with a bank account but also relying on nonbank services like payday loans—used cryptocurrency, compared to 4.8% of fully banked households.
Demographics and Crypto Usage
The report emphasizes the growing interest in cryptocurrency among younger, higher-educated, and working-age households, with a noticeable uptake among Asian and white families. Income disparities are also evident, as 7.3% of households earning $75,000 or more reported using cryptocurrency, while only 1.1% of households earning less than $15,000 did.
Reaching Financial Infrastructure
Among unbanked households—those without any bank account—only 1.2% used cryptocurrency, while 5% of banked households did. FDIC also highlighted that around 14.2% of U.S. households, or roughly 19 million, were classified as underbanked, while 4.2%—about 5.6 million—were unbanked.
FDIC continues to explore disparities in banking access, emphasizing the need for improved access for minority, low-income, disabled, and single-parent households.
