FDIC Report Reveals Higher Crypto Use Among Underbanked Households in 2023

In 2023, cryptocurrency usage was more prevalent among U.S. households with limited access to traditional banking, according to a report by the Federal Deposit Insurance Corporation (FDIC).

The survey of 60,000 households revealed that 6.2% of underbanked households used crypto, compared to 4.8% of fully banked households. “Underbanked” refers to those with a bank account but also relying on alternative financial services like payday loans.

Crypto adoption was higher among younger, more educated, and higher-income households. Of those earning $75,000 or more, 7.3% engaged with crypto, while only 1.1% of households making less than $15,000 did. Most users held crypto for investment, with just 4.4% using it for purchases.

The FDIC report also noted that 1.2% of unbanked households used crypto, compared to 5% of banked households. Approximately 4.2% of U.S. households were unbanked in 2023, often relying on cash or digital payment services like PayPal.

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FDIC Chairman Martin Gruenberg highlighted the ongoing disparities in financial access, especially among lower-income, minority, and single-parent households, calling for action to address these gaps. Additionally, Coinbase recently disclosed that the FDIC has been advising banks to avoid crypto-related services.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.