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The Fed claims Americans are shying away from cryptocurrencies and has questioned Coinbase's numbers. In January, the crypto exchange claimed that 52 million Americans hold crypto assets. Who should we believe? The Fed's reserves or Coinbase's unbridled enthusiasm?
Cryptocurrency: A fad for Americans?
Is cryptocurrency mania slowing down on the other side of the Atlantic due to fears of a repeat of the FTX scenario? At least that’s what it’s all about. Latest Federal Reserve Survey on the Economy and Household Decisions According to the report released on May 21, 7% of American adults use cryptocurrencies In the 12 months leading up to October last year, 12% in 2021 and 10% in 2022.
In this changing landscape, cryptocurrency adventurers are rare. 1% of adults still use cryptocurrencies for payments and transfers. Half the rate compared to the previous year. Some of these bold individuals include About 30% do so because that's how the other person prefers it.meanwhile Lack of trust in banks That's the least likely reason.
However, the wealthy seem to value the digital currency highly. Earning more than $100,000 a year There is a high possibility that they will invest in Bitcoin (BTC) and other cryptocurrencies. Millennials (30-44 years old) are at the topThis is followed by Generation Z (18-29 years old). Men are three times more likely to jump into the crypto world More than women.
Ethnic disparities are also evident. Black and Hispanic adults White adults prefer financial transactions in cryptocurrencies and Asian adults prefer cryptocurrencies as an investment, while white adults seem to be the least interested in this new digital economy.
The survey will be conducted in October 2023. Adults: 11,488The survey, which is weighted to be representative of 258 million American adults, paints a nuanced picture of enthusiasm for cryptocurrencies.
Fed and Coinbase Numbers: The Crypto Gap
The Fed's numbers bear little resemblance to those in Coinbase's 2023 cryptocurrency survey, which in fact paints a much brighter picture. One in five Americans owns cryptocurrencyor 52 million people.
In its enthusiasm, Coinbase 87% of Americans want financial system reformThey feel it is unfair and biased in favor of those in power. Similarly, 63% of cryptocurrency owners Blockchain technology can democratize the economy.
However, the Fed stresses that only 1% of transactions use cryptocurrencies, mainly due to recipient preference.
According to Coinbase, younger generations are the most enthusiastic cryptocurrency enthusiasts. 72% of 18-34 year olds believe digital assets represent the future of finance.
Coinbase is Clear laws regulating cryptocurrenciesEmphasis 87% of Fortune 500 leaders believe clear rules are essential Maintaining American leadership. In contrast, the Fed has remained cautious on the matter, only noting that cryptocurrency usage is declining.
Thus, the two studies present contrasting views of the cryptocurrency world: Coinbase is optimistic and reformist, while the Fed is cautious and realistic.
It remains to be seen which will ultimately convince lawmakers and the public, who place great importance on the FET21 Act.
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The blockchain and cryptocurrency revolution is underway! And today, with the world economy in its most fragile state, despite all the difficulties, I wonder what I should do.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
