Federal Reserve Survey: Cryptocurrency Ownership Rate Did Not Increase with Market Recovery, But Purchase Willingness Rises

ChainCatcher news, according to Cointelegraph, the Consumer Finance Institute (CFI) of the Federal Reserve Bank of Philadelphia released a report on September 6 showing that the cryptocurrency ownership rate has not increased with the market recovery. The survey indicated that from January to October 2022, the cryptocurrency ownership rate fell from 24.6% to 19.1%. Despite the market recovering in the following 18 months, the ownership rate in January 2024 was only 15.4%. During the peak price of Bitcoin in March and the halving in April, there was also no significant increase in ownership.

However, researchers noted that this year's price increase seems to have driven an increase in future purchase intentions. During the cryptocurrency winter of 2022, the willingness to purchase dropped from 18.8% to 10.6%, but with the market recovery, by April 2024, 21.8% of respondents indicated they might purchase cryptocurrency.