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Americans with limited banking access use cryptocurrency more frequently

According to the latest report from the U.S. Federal Deposit Insurance Corporation (FDIC), in 2023, households with limited access to banking services had a higher rate of cryptocurrency usage compared to fully banked households (6.2% vs. 4.8%).

A survey of 60,000 households revealed that around 19 million households (14.2%) fall into the “underbanked” category—those who have a bank account but still rely on non-bank financial services like payday loans or check cashing.

Cryptocurrency usage is also more prevalent among groups with higher education levels, younger individuals, Asian Americans, and White Americans. The majority of users utilize cryptocurrency for investment purposes, with only 4.4% using it for online shopping.

This is community-generated content, not advice from ONUS.
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