Descriptive statistics of crypto ownership
| Variables | Pooled sample | Own cryptocurrency | Do not own cryptocurrency |
|---|---|---|---|
| Cryptocurrency ownership | 0.1044 (0.3058) | 1.0000 | 0.0000 |
| Demographics | |||
| Race | |||
| White | 0.7229 (0.4476) | 0.6648 (0.4723) | 0.7297 (0.4442) |
| Black | 0.0949 (0.2931) | 0.1073 (0.3096) | 0.0935 (0.2911) |
| Hispanic | 0.1088 (0.3114) | 0.1229 (0.3285) | 0.1072 (0.3093) |
| Asian/others | 0.0734 (0.2607) | 0.1050 (0.3068) | 0.0697 (0.2546) |
| Age | 53.2279 (17.1581) | 42.4916 (14.4533) | 54.4790 (17.0116) |
| Male | 0.5392 (0.4985) | 0.7095 (0.4542) | 0.5194 (0.4997) |
| Married (Ref. = Unmarried) | 0.6182 (0.4859) | 0.6089 (0.4883) | 0.6193 (0.4856) |
| Educational attainment | |||
| High school or lower (Ref.) | 0.2781 (0.4481) | 0.1296 (0.3361) | 0.2954 (0.4563) |
| Some college | 0.2756 (0.4468) | 0.2939 (0.4558) | 0.2734 (0.4458) |
| Bachelor | 0.2513 (0.4338) | 0.3520 (0.4778) | 0.2396 (0.4269) |
| Master or higher | 0.1950 (0.3962) | 0.2246 (0.4175) | 0.1915 (0.3935) |
| Household size | 2.5506 (1.3281) | 2.8749 (1.4685) | 2.5128 (1.3057) |
| Economics | |||
| Household income | |||
| Less than $24,999 (Ref.) | 0.1157 (0.3199) | 0.0536 (0.2254) | 0.1229 (0.3284) |
| $25,000 to $49,999 | 0.1662 (0.3723) | 0.1061 (0.3082) | 0.1732 (0.3784) |
| $50,000 to $74,999 | 0.1658 (0.3720) | 0.1363 (0.3433) | 0.1693 (0.3750) |
| $75,000 to $99,999 | 0.1297 (0.3360) | 0.1341 (0.3409) | 0.1292 (0.3354) |
| $100,000 to $149,999 | 0.1945 (0.3959) | 0.2335 (0.4233) | 0.1900 (0.3923) |
| $150,000 or more | 0.2281 (0.4196) | 0.3363 (0.4727) | 0.2155 (0.4112) |
| Financial status (compared to 12 months ago) | |||
| Much worse off (Ref.) | 0.0381 (0.1915) | 0.0279 (0.1649) | 0.0393 (0.1944) |
| Somewhat worse off | 0.1579 (0.3647) | 0.1553 (0.3624) | 0.1582 (0.3650) |
| About the same | 0.5508 (0.4974) | 0.4771 (0.4998) | 0.5594 (0.4965) |
| Somewhat better off | 0.2006 (0.4005) | 0.2436 (0.4295) | 0.1956 (0.3967) |
| Much better off | 0.0526 (0.2232) | 0.0961 (0.2949) | 0.0475 (0.2128) |
| Financial condition (compared to 2 years ago) | |||
| Much worse off (Ref.) | 0.0641 (0.2450) | 0.0525 (0.2232) | 0.0655 (0.2474) |
| Somewhat worse off | 0.1698 (0.3755) | 0.1665 (0.3727) | 0.1702 (0.3758) |
| About the same | 0.4113 (0.4921) | 0.3073 (0.4616) | 0.4234 (0.4941) |
| Somewhat better off | 0.2512 (0.4337) | 0.2972 (0.4573) | 0.2458 (0.4306) |
| Much better off | 0.1036 (0.3047) | 0.1765 (0.3815) | 0.0951 (0.2933) |
| Home ownership (Ref. = do not own) | 0.7172 (0.4504) | 0.6603 (0.4739) | 0.7238 (0.4471) |
| Emergency access (Ref. = do not have) | 0.6539 (0.4758) | 0.7095 (0.4542) | 0.6474 (0.4778) |
| Total savings and investment | |||
| Under $50,000 (Ref.) | 0.4295 (0.4950) | 0.4212 (0.4940) | 0.4305 (0.4952) |
| $50,000 to $99,999 | 0.1163 (0.3206) | 0.1318 (0.3385) | 0.1145 (0.3184) |
| $100,000 to $249,999 | 0.1392 (0.3462) | 0.1575 (0.3645) | 0.1371 (0.3440) |
| $250,000 to $499,999 | 0.1058 (0.3076) | 0.1073 (0.3096) | 0.1056 (0.3073) |
| $500,000 to $999,999 | 0.0903 (0.2866) | 0.0816 (0.2739) | 0.0913 (0.2880) |
| $1,000,000 or more | 0.1190 (0.3237) | 0.1006 (0.3009) | 0.1211 (0.3263) |
| Stock ownership (Ref. = do not own) | 0.4156 (0.4929) | 0.7441 (0.4366) | 0.3773 (0.4848) |
| Others | |||
| Financial literacy (Range from 0 to 3) | 2.2507 (0.9477) | 2.5106 (0.7697) | 2.2204 (0.9618) |
| Risk tolerance (Range from 0 to 10) | 4.3560 (2.6723) | 6.0089 (2.2958) | 4.1634 (2.6466) |
| Physical health | |||
| Poor and Fair | 0.1493 (0.3564) | 0.1017 (0.3024) | 0.1548 (0.3618) |
| Good | 0.3712 (0.4832) | 0.3453 (0.4757) | 0.3742 (0.4840) |
| Very good | 0.3829 (0.4861) | 0.4223 (0.4942) | 0.3783 (0.4850) |
| Excellent | 0.0967 (0.2955) | 0.1307 (0.3373) | 0.0927 (0.2900) |
| Employment status (Ref. = not working) | 0.6080 (0.4882) | 0.8268 (0.3786) | 0.5826 (0.4932) |
| Retirement status (Ref. = not retired) | 0.3523 (0.4777) | 0.1397 (0.3468) | 0.3771 (0.4847) |
| Sample size | 8,575 | 895 | 7,680 |
Logistic regression of crypto ownership across groups
| Variables | Pooled sample (Odds/S.E.) | White (Odds/S.E.) | Black (Odds/S.E.) | Hispanic (Odds/S.E.) | Asian/others (Odds/S.E.) |
|---|---|---|---|---|---|
| Demographics | |||||
| Race (Ref.=White) | |||||
| Black | 1.5480*** (0.2110) | - | - | - | - |
| Hispanic | 1.0457 (0.1332) | - | - | - | - |
| Asian/others | 1.2030 (0.1635) | - | - | - | - |
| Age | 0.9549*** (0.0037) | 0.9546*** (0.0045) | 0.9532*** (0.0120) | 0.9534*** (0.0126) | 0.9385*** (0.0135) |
| Male | 1.5663*** (0.1381) | 1.4989*** (0.1627) | 1.8722* (0.5249) | 1.8843* (0.5231) | 1.5013 (0.4543) |
| Married (Ref. = Unmarried) | 1.0716 (0.1082) | 1.0640 (0.1343) | 0.7354 (0.2298) | 1.6473 (0.5155) | 1.3855 (0.5170) |
| Educational attainment (Ref.= high school or lower) | |||||
| Some college | 1.5099*** (0.1953) | 1.3913* (0.2196) | 1.3829 (0.5402) | 1.9051 (0.6915) | 4.9853* (3.6494) |
| Bachelor | 1.0937 (0.1512) | 1.0195 (0.1701) | 1.0480 (0.4619) | 1.6453 (0.6614) | 2.1844 (1.5865) |
| Master or higher | 0.9658 (0.1457) | 0.8274 (0.1524) | 0.7387 (0.3552) | 1.6419 (0.7488) | 3.4763 (2.5567) |
| Household size | 1.0966** (0.0335) | 1.1061** (0.0422) | 0.9851 (0.1029) | 1.3222*** (0.1119) | 0.9341 (0.1029) |
| Economics | |||||
| Household income (Ref.=Less than $24,999) | |||||
| $25,000 to $49,999 | 1.1518 (0.2336) | 1.1376 (0.2987) | 1.8694 (0.9344) | 0.4312 (0.2386) | 3.6756 (3.5201) |
| $50,000 to $74,999 | 1.0954 (0.2216) | 1.0756 (0.2831) | 1.2903 (0.6847) | 0.6381 (0.3384) | 2.0130 (1.8757) |
| $75,000 to $99,999 | 1.2829 (0.2688) | 1.1022 (0.3015) | 2.0704 (1.1694) | 0.9016 (0.4779) | 3.9548 (3.7530) |
| $100,000 to $149,999 | 1.3956 (0.2883) | 1.4622 (0.3843) | 2.6580 (1.5935) | 0.4616 (0.2620) | 1.9170 (1.7993) |
| $150,000 or more | 1.7896** (0.3850) | 1.5783 (0.4315) | 2.5850 (1.6846) | 2.0964 (1.1857) | 2.9617 (2.8481) |
| Financial status (compared to 12 months ago) (Ref.=Much worse off) | |||||
| Somewhat worse off | 0.9316 (0.2663) | 0.9693 (0.3448) | 0.5947 (0.5645) | 2.4464 (2.0109) | 0.4417 (0.6058) |
| About the same | 0.7682 (0.2319) | 0.8200 (0.3135) | 0.4528 (0.4215) | 1.3249 (1.1759) | 0.6939 (0.9284) |
| Somewhat better off | 0.7385 (0.2331) | 0.8648 (0.3458) | 0.3994 (0.3848) | 0.6637 (0.6049) | 1.2223 (1.7099) |
| Much better off | 0.7945 (0.2792) | 0.8085 (0.3655) | 0.4198 (0.4422) | 1.2042 (1.1744) | 1.1616 (1.7131) |
| Financial condition (compared to 2 years ago) (Ref.=Much worse off) | |||||
| Somewhat worse off | 1.1468 (0.2599) | 1.0589 (0.2921) | 2.1352 (1.9063) | 0.3755 (0.2500) | 11.6440 (14.8159) |
| About the same | 0.8847 (0.2175) | 0.8289 (0.2529) | 1.9102 (1.6865) | 0.2699 (0.1985) | 4.2548 (5.4197) |
| Somewhat better off | 1.0006 (0.2521) | 0.8977 (0.2819) | 2.0351 (1.8373) | 0.7407 (0.5347) | 1.7576 (2.3111) |
| Much better off | 1.2255 (0.3398) | 1.1422 (0.4018) | 2.9781 (2.8073) | 0.5645 (0.4431) | 4.3659 (5.7069) |
| Home ownership (Ref. = do not own) | 0.7528** (0.0787) | 0.7990 (0.1053) | 0.6808 (0.2188) | 0.4481** (0.1371) | 0.9180 (0.3367) |
| Emergency access (Ref. = do not have) | 1.0206 (0.1016) | 0.9468 (0.1185) | 1.4195 (0.4152) | 0.7934 (0.2311) | 2.4207* (0.8587) |
| Total savings and investment (Ref.=Under $50,000) | |||||
| $50,000 to $99,999 | 0.8234 (0.1104) | 0.7395 (0.1227) | 0.8416 (0.3481) | 0.8711 (0.3616) | 1.5269 (0.6876) |
| $100,000 to $249,999 | 0.6083*** (0.0802) | 0.5327*** (0.0870) | 1.4129 (0.5813) | 0.5752 (0.2281) | 0.9467 (0.4222) |
| $250,000 to $499,999 | 0.5820*** (0.0890) | 0.5592*** (0.1012) | 0.4790 (0.2891) | 0.6665 (0.3444) | 0.6653 (0.3561) |
| $500,000 to $999,999 | 0.5279*** (0.0906) | 0.5158*** (0.1046) | 0.1963* (0.1627) | 0.5338 (0.3060) | 0.9662 (0.5591) |
| $1,000,000 or more | 0.4337*** (0.0744) | 0.4047*** (0.0834) | 0.8186 (0.6197) | 0.3564 (0.2207) | 0.6047 (0.3182) |
| Stock ownership (Ref. = do not own) | 4.9921*** (0.4850) | 5.0531*** (0.6042) | 6.1590*** (1.8636) | 7.7546*** (2.3266) | 3.3253*** (1.1146) |
| Others | |||||
| Financial literacy (Range from 0 to 3) | 1.1778** (0.0638) | 1.2109** (0.0866) | 1.2114 (0.1825) | 1.0064 (0.1468) | 1.0031 (0.1788) |
| Risk tolerance (Range from 0 to 10) | 1.2205*** (0.0228) | 1.2437*** (0.0296) | 1.2009*** (0.0622) | 1.2440*** (0.0688) | 1.2395*** (0.0812) |
| Physical health (Ref.=Poor and Fair) | |||||
| Good | 1.0072 (0.1409) | 0.9668 (0.1734) | 0.4173* (0.1473) | 2.1227 (0.9617) | 2.5237 (1.4092) |
| Very good | 1.0045 (0.1411) | 0.9262 (0.1662) | 0.3461** (0.1341) | 2.4962* (1.1411) | 3.2407* (1.7969) |
| Excellent | 0.8491 (0.1457) | 0.8143 (0.1765) | 0.1457*** (0.0821) | 1.6439 (0.8948) | 3.0149 (1.8742) |
| Employment status (Ref. = not working) | 1.3140* (0.1656) | 1.3071 (0.2080) | 1.1680 (0.4428) | 1.4115 (0.4922) | 1.0983 (0.5056) |
| Retirement status (Ref. = not retired) | 1.3073 (0.2068) | 1.1688 (0.2296) | 1.9126 (0.8944) | 2.0137 (0.9205) | 1.0748 (0.6911) |
| Intercept | 0.0572*** (0.0213) | 0.0642*** (0.0295) | 0.1491 (0.1739) | 0.0258*** (0.0291) | 0.0029** (0.0056) |
| Sample size | 8,575 | 6,199 | 814 | 933 | 629 |
| R-square | 0.2277 | 0.2315 | 0.2595 | 0.3123 | 0.2795 |
Correlation matrix of variables
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. Cryptocurrency Adoption | — | ||||||||||||||||||
| 2. Race (Minority = 1) | .0486 | — | |||||||||||||||||
| 3. Age | −.2136 | −.1606 | — | ||||||||||||||||
| 4. Male | .1166 | −.0161 | .0136 | — | |||||||||||||||
| 5. Married | −.0065 | −.0727 | .2207 | .1158 | — | ||||||||||||||
| 6. Education | .0970 | .0040 | −.0718 | .1013 | .1241 | — | |||||||||||||
| 7. Household Size | .0834 | .1241 | −.2900 | .0009 | .2242 | .0071 | — | ||||||||||||
| 8. Household Income | .1177 | −.0431 | .0124 | .1696 | .3641 | .5033 | .1356 | — | |||||||||||
| 9. Financial Satisfaction | .0617 | .0265 | −.0850 | .0478 | .0554 | .1652 | −.0044 | .2089 | — | ||||||||||
| 10. Financial Confidence | .0723 | .0208 | −.1260 | .0401 | .0348 | .1635 | −.0082 | .1965 | .7565 | — | |||||||||
| 11. Home Ownership | −.0431 | −.1456 | .3423 | .0777 | .4222 | .1510 | .0039 | .3558 | .0626 | .0312 | — | ||||||||
| 12. Emergency Fund | .0399 | −.0783 | .1816 | .0947 | .1967 | .2710 | −.0993 | .3596 | .2130 | .2017 | .2834 | — | |||||||
| 13. Total Investments | −.0133 | −.1184 | .3420 | .1462 | .2882 | .3605 | −.0919 | .5556 | .1444 | .1028 | .3709 | .4284 | — | ||||||
| 14. Stock Ownership | .2276 | −.0418 | .1157 | .1434 | .1611 | .2821 | −.0512 | .3700 | .1255 | .1049 | .2369 | .2972 | .4200 | — | |||||
| 15. Financial Literacy | .0936 | −.1144 | .1065 | .2088 | .1580 | .3445 | −.0379 | .3559 | .0566 | .0428 | .2033 | .2528 | .3352 | .2753 | — | ||||
| 16. Risk Tolerance | .2112 | −.0115 | −.0712 | .2364 | .1299 | .3055 | .0319 | .3897 | .2013 | .1832 | .1625 | .2522 | .3332 | .3568 | .2575 | — | |||
| 17. Self-Assessed Health | .0617 | −.0535 | −.0884 | .0534 | .1051 | .2297 | .0444 | .2602 | .1695 | .1589 | .1295 | .2037 | .2079 | .1402 | .1233 | .2140 | — | ||
| 18. Employment Status | .1530 | .0625 | −.4590 | .1166 | −.0124 | .2086 | .1382 | .2431 | .1199 | .1396 | −.0125 | .0260 | −.0655 | .0606 | .0672 | .2068 | .1561 | — | |
| 19. Retirement Status | −.1520 | −.1197 | .7001 | −.0270 | .1032 | −.0986 | −.2583 | −.1185 | −.0679 | −.0882 | .1807 | .1245 | .2227 | .0720 | .0269 | −.1253 | −.1049 | −.6711 | — |
Racial/ethnic differences in crypto ownership
| Pooled | White | Black | Hispanic | Asian/others | |
|---|---|---|---|---|---|
| Crypto ownership | 10.43% | 9.60% | 11.79% | 11.79% | 14.94% |
| Sample size | 8,575 | 6,199 | 814 | 933 | 629 |
j_fprj-2026-0006_tab_006
| Variable Name | Identity | Details |
|---|---|---|
| Dependent variable | ||
| Cryptocurrency ownership | Dummy | Bought or held as an investment - In the past year, have you done the following with cryptocurrency, such as Bitcoin or Ethereum? |
| Independent variable | ||
| Demographics | ||
| Race | Categorical | White (Ref.), Black, Hispanic, Asian, and Other |
| Age | Continuous | Range from 18-94 |
| Gender | Dummy | Male/Female (Ref.) |
| Marital status | Dummy | Married/Unmarried (Ref.) The unmarried group includes widowed, divorced, separated, and never married) |
| Educational attainment | Categorical | Lower than high school (Ref.), high school, some college, bachelor, master or higher |
| Household size | Continuous | Range from 1–10 |
| Economics | ||
| Household income | Categorical | Less than $10,000 (Ref.), $10,000 to $24,000, $25,000 to $49,999, $50,000 to $74,999, $75,000 to $99,999, $100,000 to $149,999, and $150,000 or more. |
| Financial status | Categorical | Compared to 12 months ago, would you say that you (and your family) are better off, the same, or worse off financially? |
| Financial condition | Categorical | Compared to two years ago (2019), would you say that you (and your family) are better off, the same, or worse off financially? |
| Home ownership | Dummy | Own home=1, Pay rent=0 |
| Emergency access | Dummy | Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies? (Yes/No) |
| Total savings and investment | Categorical | under $50,000 (Ref.), $50,000 to $99,999, $100,000 to $249,999, $250,000 to $499,999, $500,000 to $999,999, and $1,000,000 or more. |
| Stock ownership | Dummy | Do you own any individual stock in publicly traded companies directly (i.e., not through a mutual fund or exchange traded fund (ETF))? Please also include any in stock held in a 401(k) or other pension plan. (Yes/No) |
| Others | ||
| Financial literacy | Continuous | The sum of the ‘Big Three’ (stock, inflation, and interest). Range from 0–3 |
| Risk tolerance | Continuous | On a scale from zero to ten, where zero is not at all willing to take risks and ten is very willing to take risks, what number would you be on the scale? |
| Physical health | Categorical | Poor (Ref.), fair, good, very good, and excellent. |
| Employment status | Dummy | Employed/Not employed (Ref.) |
| Retirement status | Dummy | Retired/Not retired (Ref.) |
Decomposition estimation across groups
| White vs. Black | White vs. Hispanic | White vs. Asian/others | ||||
|---|---|---|---|---|---|---|
| Component | Contribution to difference | % of explained difference | Contribution to difference | % of explained difference | Contribution to difference | % of explained difference |
| Demographic | ||||||
| Age | −0.0133*** | 117.08% | 0.0042** | 20.99% | 0.0057*** | 14.39% |
| Male | −0.0021*** | 18.31% | 0.0012** | 5.84% | 0.0014** | 3.66% |
| Marital status | 0.00004 | −0.31% | −0.0002 | −0.91% | 0.0005 | 1.16% |
| Education | 0.0004 | −3.76% | 0.0014 | 6.91% | −0.0048* | −12.13% |
| Household size | −0.0022* | 19.22% | 0.0023** | 11.75% | 0.0004 | 1.08% |
| Economics | ||||||
| Household Income | −0.0059** | 52.07% | −0.0029** | −14.77% | 0.0042* | 10.63% |
| Financial status (compared 1 year ago) | −0.0011 | 9.41% | −0.0002 | −0.81% | −0.0005 | −1.40% |
| Financial condition (compared 2 years ago) | 0.0011 | −9.88% | 0.0006 | 2.88% | 0.0006 | 1.56% |
| Home ownership | 0.0017 | −15.25% | 0.0022* | 11.27% | −0.0007 | −1.67% |
| Emergency access | −0.00003 | 0.29% | −0.0003 | −1.29% | 0.0002 | 0.48% |
| Total investment and savings | 0.0061*** | −53.66% | 0.0009 | 4.37% | −0.0105*** | −26.70% |
| Stock ownership | 0.0039* | −34.15% | 0.0077*** | 39.11% | 0.0309*** | 78.65% |
| Others | ||||||
| Financial literacy | −0.0061*** | 54.00% | −0.0028 | −14.40% | 0.0011* | 2.79% |
| Risk tolerance | 0.0044*** | −38.89% | 0.0055*** | 27.93% | 0.0114*** | 28.92% |
| Physical health | 0.0020 | −18.03% | −0.0002 | −1.05% | −0.0003 | −0.72% |
| Employment status | 0.0003 | −2.90% | 0.0004 | 2.02% | 0.0015 | 3.77% |
| Retirement status | −0.0004 | 3.88% | −0.0007 | −3.62% | −0.0013 | −3.26% |
| Total difference | 0.0220 | 0.0219 | 0.0535 | |||
| Explained difference | −0.0114 | 0.0198 | 0.0393 | |||
| Unexplained difference | 0.0333 | 0.0021 | 0.0141 | |||
| Percent of explained difference to total difference | −52% | 90% | 74% | |||