Nearly half of US cryptocurrency investors last year had six-figure incomes, the Federal Reserve says in a new report
Close to half of US cryptocurrency investors in the US last year had high incomes, the Federal Reserve said in a report Monday.
According to the report on the Economic Well-Being of US Households in 2021, said 46% of American adults who used cryptocurrencies only as an investment made $100,000 or more annually, while 29% of investors had an income of $50,000 or less. The Fed's prior report didn't include data on crypto usage.
Overall, 11% of US adults held crypto as an investment, while 2% used it to buy something and 1% used it to send money to friends or family.
The findings coincide with last year's massive crypto rally, which saw bitcoin soar as high as $69,000. But the sector has been slammed this year amid a sell-off in risk assets overall.
While investors made up a larger share of crypto users, the Fed reported that roughly 60% of those using cryptos for payments made less than $50,000 annually, compared to 24% for those making $100,000 or more.
And those using cryptos for payments were less likely to have access to mainstream financial tools: 13% of these users did not have traditional bank accounts and 27% lacked credit cards.