According to a recent survey by the Federal Deposit Insurance Corporation (FDIC), the use of cryptocurrency is notably more prevalent among underbanked households compared to those with full banking access. The survey, which involved approximately 60,000 households, revealed that 6.2% of underbanked households utilized crypto, in contrast to 4.8% of fully banked households. Underbanked households, defined as those having bank accounts but relying on nonbank financial services, accounted for about 14.2% of U.S. households last year. Additionally, the survey highlighted demographic trends, showing that crypto adoption was more common among higher-educated, younger individuals, and specific racial demographics. Income levels also played a role, with 7.3% of households earning $75,000 or more using crypto, versus just 1.1% of households earning under $15,000. The survey emphasized persistent disparities in banking access for minority, lower-income, and single-parent households, signaling a need for action within the financial system.

Source 🔗