FDIC Survey: Bitcoin Users Are Mostly Rich, White, and Asian

A recent survey by the Federal Deposit Insurance Corporation (FDIC) has shed light on the demographics of Bitcoin users, revealing that they are largely rich, white, and Asian.

Survey Findings

The survey, which polled 30,000 households, found that only 4.2% of respondents used Bitcoin. Of those, 92% held the assets as investments, while only 3.3% used it as a means of sending and receiving money. The survey also found that Bitcoin usage varied by household characteristics, with higher-income households, more-educated households, younger households, Asian and White households, working-age households without a disability, and households with higher monthly income volatility being more likely to use Bitcoin.

Income and Age Factors

The survey revealed that 7% of households with income of $75,000 or more used Bitcoin, compared to 1.1% of households with less than $15,000 in income. Age also played a factor, with 9.8% of households aged 25 to 34 using Bitcoin, compared to 1.2% of households aged 65 or older.

Racial and Ethnic Disparities

The survey found significant racial and ethnic disparities in Bitcoin usage, with 7.5% of Asian households and 5.2% of White households using Bitcoin, compared to 3.2% of Black households and 3.5% of Hispanic households.

Implications for Financial Inclusion

The survey's findings have implications for financial inclusion, as they suggest that Bitcoin is not being used as a means of increasing financial access for underserved communities. Instead, it appears that Bitcoin is primarily being used as an investment vehicle by those who are already financially secure.