FDIC Report Highlights Crypto Popularity Among Underbanked Americans
A new FDIC survey of 30,000 households reveals that Bitcoin and other cryptocurrencies are predominantly used by wealthier, banked, and predominantly white and Asian households, rather than the unbanked populations they were initially thought to benefit. Only 1.2% of unbanked households use crypto, compared to 6.2% of underbanked and 4.8% of fully-banked households. The survey also found that 92% of crypto users hold it as an investment rather than for transactions. The findings challenge the notion that cryptocurrencies are enhancing financial inclusion.