Nearly half of US cryptocurrency investors last year had six-figure incomes, the Federal Reserve says in a new report

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The Fed said 46% of American adults who used crypto as an investment last year had annual income of $100,000 or more. Meanwhile, 29% of crypto investors had incomes of $50,000 or less, according to the Economic Well-Being of US Households in 2021 report. Overall, 11% held crypto as an investment, 2% used it to buy something, and 1% used it to send money to friends or family. Loading Something is loading.

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.