There's a big divide in the types of people who use crypto for investments and transactions... but why? 🧐
Federal Reserve officials are often critical of cryptocurrencies — but a new report admits they're increasingly popular among unbanked Americans.
This ultimately suggests that digital assets are reaching an audience that traditional financial institutions are failing to help, and it could end up being a sobering lesson for the Fed to take on board. To put this into context, 46% of crypto investors earn over $100,000, 99% had a bank account, and 89% of those who were working age had "at least some" retirement savings.
The Fed attributes some of this trend to the fact that a broader number of alternative financial services are now available for American consumers.As we alluded to earlier, in some ways, this report is now desperately out of date as the cost-of-living crisis begins to bite. And it's also worth noting that the 2021 survey took place from Oct. 29 to Nov. 21 — more of less coinciding with many cryptocurrencies hitting new all-time highs, including Bitcoin. Sentiment surrounding digital assets, not to mention overall levels of ownership, may have dwindled since then.
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