Crypto use more common among US underbanked, FDIC report says
Underbanked households more commonly used crypto than those with full banking access, an FDIC survey said.
The use of crypto in the United States in 2023 was more common in “underbanked” households than in those that were fully banked, the Federal Deposit Insurance Corporation (FDIC) revealed.
The FDIC’s Nov. 12 report surveyed about 60,000 households, finding that 6.2% of underbanked households used crypto, compared with 4.8% of those with full banking access.
The underbanked are those who have a bank account but also use nonbank financial services like payday loans and check cashing. Around 14.2% of US households, about 19 million, were considered underbanked last year.
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Author: Martin Young
