The Fed’s ninth periodic report, made on a sample of 11,000 Americans, highlights some very interesting aspects, such as the different habits when approaching the crypto world.
Fed report: how Americans invest in crypto
From the sample surveyed, it appears that Americans who are involved in this world are what in other times we would have called drawers, or to use a more international term, hodlers.
The curious thing that emerges is how the majority of crypto assets are held by adult investors in their fifties who nevertheless do not use them as a means of payment.
Those who do transact in cryptocurrencies turn out to be only 12% of the sample, and they have very specific characteristics.
The average consumer of digital currencies is indeed very young, sometimes without savings or a current account.
This is already strange in itself, but add to this the fact that the use of credit or debit cards is also very low among consumers.
The contrast between those who have currencies in their wallets and those who spend them shows a stark divide with no points of contact other than crypto assets.
The report also highlights the state of Americans’ pockets, according to the report, financial well-being has never been higher.
The 78% of adult respondents who are financially comfortable are 3% more likely to be so for the past three years.
A sudden spending of $400 is not a problem for 68% of the population, who could also cope with cash.
The asset situation of crypto hodlers
The Fed, in relation to crypto hodlers, reports that:
“They had a disproportionately high-income, almost always had a traditional banking relationship, and typically had other retirement savings”.
Of this sample, 46% had an annual income of $100,000 or more. Among those who were retired, 89% already had savings, while 29% of them reported an income of less than $50,000.
By contrast, the profile of those making transactions is completely different. Here one finds a much lower and poorer age group, 60% declare less than $50,000 while 20% are even under $20,000. Accounts above $100,000 are very rare.
The thing that clashes with a super-tech world that has long embraced online is that 13% of the sample does not even have a bank account and 27% do not have cards.
Last but not least, the education figure is also poor: a quarter of crypto holders do not have a degree.