According to a recent Federal Reserve poll, by 2021, nearly 12 percent of American citizens would own at least one kind of cryptocurrency.
According to results published on May 23, 2022, the “Economic Well-Being of U.S. Households in 2021” study sampled responses from 11,000 persons to assess the economic health of consumers.
For the first time, poll questions in 2021 focused on digital currencies, showing the increasing popularity of cryptocurrencies among Americans in light of recent market boom.
Most consumers who utilised digital assets were focused on the investing side, even though they were a relatively new financial industry product, according to the Federal Reserve.
A further 2 percent of cryptocurrency investors use other assets to pay for goods and services, according to a recent poll.
Intriguingly, the Fed also drew attention to the widening gap in earnings amongst crypto investors. Adults who invested in digital assets were more likely to be wealthy.
A number of measures launched by the Federal Reserve in recent months have had an impact on the bitcoin market as a whole. In an effort to strengthen the domestic payment system, the bank said in February that it was looking into the possibility of a central bank-issued digital currency.
There has also been a request for increased regulation of assets like Bitcoin and stablecoins from the head of the Federal Reserve, Jerome Powell.
The TerraUSD crisis, which resulted in the loss of millions of dollars for investors, has sparked a discussion on regulation.
Former Federal Reserve Chairman Ben Bernanke said elsewhere, as reported by Finbold, that Bitcoin does not have the capacity to become an alternative currency. His words come at a time when numerous nations are considering following El Salvador’s lead and making the assets legal currency.
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