Federal Reserve Contradicts Coinbase Data on Cryptocurrency Usage in US

Leading trading platform Coinbase published a report saying that over 52.3 million people in the US own cryptocurrency. The report from Coinbase was published last year indicating that cryptocurrency usage is rapidly growing in the US. However, the Federal Reserve has published a new report that contradicts Coinbase’s data on cryptocurrency usage in the US.

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A new poll from the Federal Reserve consisting of 11,400 respondents contradicts the Coinbase data on cryptocurrency usage in the US. According to the data published by the Federal Reserve, only 7% of people in the US use cryptocurrencies.

Cryptocurrency Usage in the US: Federal Reserve Data Contradicts Coinbase

The newly released ‘Economic Well-Being of US Households in 2023‘ report by the Federal Reserve is applied by Ipos, a consulting and market research firm that had a participation rate of 11,400 respondents from different demographic groups. Out of these, only 7% said that they use cryptocurrency, which is way lower than that of the Coinbase report.

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The Federal Reserve report is much lower than the previous years. The percentage reported in 2022 for cryptocurrency usage in the US was 10%. In 2021, the reported numbers were 12%. According to the Federal Reserve report, cryptocurrency usage in the US is declining and not rising, as claimed by Coinbase.

Jake Donoghue, the author of the ‘Crypto Confidential: An Insider’s Account From The Frontlines Of Fraud‘ questioned the Coinbase report. “Coinbase where are you getting your figures from? The Fed seems to refute them,” he said. However, Coinbase has yet to counter the Federal Reserve reports and provide further insights on their findings.

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Nonetheless, it can be said that the Federal Reserve’s sample size could be smaller compared to the Coinbase respondents. While the trading platform said that 52.3 million people use cryptocurrency, 75.5 million are expected to trade at least once.