In May the U.S. Federal Reserve published its 2022 annual report on the economic well-being of U.S. households. A section dedicated to cryptocurrency shows a higher proportion of the poorest using crypto for retail or P2P payments, although overall figures are still low.
The survey asked people whether they used crypto for payments versus investments. Amongst the lowest income group with income under $25,000, 9% of those surveyed used crypto for any purpose. The group split into 4% that use it for payments and 5% that see crypto as an investment. In other words, 44% of the low income crypto group uses it for payments.
In contrast, just 16% of the wealthiest crypto holders (2 out of 12) said they made a payment with crypto.
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