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Summary
The Federal Reserve’s recent survey revealed that the number of Americans using cryptocurrency has decreased to around 18 million in 2023, contrary to Coinbase’s claim of 52 million owners. The survey also showed a decline in crypto usage for payments and transfers.
Introduction
According to a survey by the Federal Reserve, the number of individuals in the United States owning or using cryptocurrency has dropped to 18 million in 2023. This contradicts Coinbase’s statement of 52 million American cryptocurrency owners.
Main Points
- The Federal Reserve survey indicated that 7% of American adults used cryptocurrency in the 12 months leading up to October 2023.
- Only 1% of individuals reported using cryptocurrency for payments, a significant decrease from previous years.
- Detailed demographics showed that crypto use was more prevalent among males and individuals aged 18-44.
Conclusion
Despite differing numbers between Coinbase’s claim and the Federal Reserve survey, it’s evident that cryptocurrency usage in the U.S. has seen a decline, especially in payment transactions. Demographics show a higher prevalence among males and younger individuals.
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