PANews reported on November 13 that according to Cointelegraph, the Federal Deposit Insurance Corporation (FDIC) revealed that the use of cryptocurrencies in 2023 will be most common among "underserved" households, who use checks or non-bank loans to meet their banking needs. The FDIC's November 12 report surveyed approximately 60,000 households and found that 6.2% of households with underserved banks used cryptocurrencies, while the proportion of households with full banking services using cryptocurrencies was 4.8%. Underserved people are those who have bank accounts but also use non-bank financial services such as payday loans and check cashing. Last year, about 14.2% of American households (about 19 million) were considered underserved by banks.
Cryptocurrency use is also higher among more educated and younger households, Asian and white households, and working-age households. There are also differences by income level, with 7.3% of households earning $75,000 or more using cryptocurrency, while only 1.1% of households earning less than $15,000 use cryptocurrency. Among all households that use cryptocurrency, the vast majority hold digital assets as investments, and only 4.4% use cryptocurrency for online purchases. However, the report also shows that only 1.2% of unbanked households use cryptocurrency, compared to 5% of banked households.
