Keith Ernst emphasized that despite soaring crypto valuations, actual usage among unbanked households is virtually non-existent, stating, "That's just not what people are using it for." This highlights the disconnect between crypto's financial potential and its real-world applications.
According to the recently published FDIC National Survey, only 1.2% of unbanked households used crypto, a stark contrast to 6.2% of underbanked households, revealing a critical gap in access and adoption of digital currencies.
The report illustrates demographic disparities in crypto utilization, with higher adoption rates among Asian and White households, and lower among Black and Hispanic households, indicating 4.2% overall usage but highlighting deeper socioeconomic divisions.
The survey highlights that 92% of crypto holders use digital assets for investment purposes rather than for transactions, with only 3.3% utilizing it for sending or receiving money, reflecting its limited efficacy as a currency.
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