By Andrea O’Sullivan | Reason
Who actually uses cryptocurrency, and why? A new report from the Federal Reserve shows that for some, digital currencies like bitcoin can be a real alternative for those who lack financial access. Although crypto schemes and spectacular busts get a lot of attention, peer-to-peer digital money has transactional use for the unbanked.
Every year, the Fed puts out a publication called the Survey of Household Economics and Decisionmaking. Since 2013, it has collected survey responses from American families about their finances, job situations, and abilities to cover unexpected expenses.
The report for 2021, “Economic Well-Being of U.S. Households in 2021,” was just released in May. For the first time, the Fed included questions about cryptocurrency in the survey. The responses from the 11,874 participants of all ages, incomes, ethnicities, and educational levels show that depending on your state of life, you might be using digital currency in very different ways.
