Most Americans see digital assets as an investment tool rather than a means of payment. That’s according to the Fed’s annual report on the well-being of U.S. households.
According to the document, 12% of adult citizens have owned or interacted with cryptocurrencies. Only 2% have used them for purchases and only 1% have used them to send funds.
13% among those who used digital assets as a means of payment did not have a traditional bank account, and 27% did not have a payment card. Nearly 6 in 10 respondents earned less than $50,000 a year, and only 24% earned more than $100,000.
The group that looked at digital assets for investment purposes saw the opposite pattern. 99% had a bank account, 46% had income above $100,000, and only 29% earned half that.
Previously, data on the use of cryptocurrencies did not appear in household well-being reports.