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The Great Flippening Is Happening. USA Households Now Hold More Crypto Than Savings Accounts

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The State of Consumer Banking & Payments report has just been released and the findings are more than interesting. This study shows that in the United States, people are now investing more and Crypto and less in Savings and banking institutions.

In the report, it shows that for the first time Crypto investments have flipped the age-old Savings accounts and Cds. In 2021 24% of households now own crypto while only 235 of households now hold a savings account. This is bad news for the banking industry if they do not keep up with the times. This could be why we have seen a major flip in the thinking of companies like Goldman Sachs and JP Morgan Chase with the inclusion of Bitcoin and other cryptocurrencies.

In 2021 Bitcoin Holdings were at the forefront but coins like Ethereum, Doge, and Shiba Inu are gaining traction. Politicians and legislatures are also noticing the trend with mixed views on where this will lead. Some are doing all they can to stop the Crypto Coin revolution while others are cheering it on. The less that banking industries can control money the less control they would have over the people. This is true in lending as well. Companies like Coinbae are now lending money to those invested in crypto using customers’ current holdings as collateral. This means that you can borrow money while still reaping the rewards when the currencies go up in value.

Banks have been suffering due to offering low-interest rates for people that hold savings accounts. Crypto can be risky if not invested wisely, but the rewards could be 10 Fold over traditional banking systems. The Metaverse is going to bring Crypto and NFT’s to the forefront of banking and if traditional banks can’t keep up they may soon be a relic of days gone by.

 

If you are interested you can read the entire report  HERE

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