A new study has shown that by the end of this year, more than 10% of US citizens will own digital assets. In 2023, their number will double.
According to a forecast on the crypto industry released on April 20 by research firm Insider Intelligence, nearly 34 million Americans will own cryptocurrencies by the end of 2022. This corresponds to about 10% of the population, according to CryptoPotato. 3.6 million of them will use digital assets as a payment method at some time this year. At the same time, the popularity of cryptocurrencies in the country will grow even more in 2023. According to a study, the number of American adults owning and using cryptocurrency for payments will double.
In 2022, the total value of cryptocurrency transactions will exceed $10 billion globally for the first time, the forecast says. According to the figures, this is an increase of more than 70% compared to 2021. Such popularity of cryptocurrencies is due to factors such as easier ways to buy, the hype around funny coins, and the involvement of financial institutions that are trying to keep up with the times and the needs of their investors. Insider Intelligence forecasting analyst Nazmul Islam commented on the meteoric rise of cryptocurrency adoption in America:
“In 2021, cryptos became easier to purchase within apps consumers were already using, and while major financial institutions embraced crypto investments. Add hype surrounding meme stocks like Dogecoin to this easier accessibility, and you have a huge spike in ownership rates.”
The report predicts that over 37 million American adults will own cryptocurrencies in 2023, or about 14% of the population. Demographically, the largest group of owners will be those aged 25 to 34, followed by the 35 to 44 age group.
Bitcoin remains the most popular digital asset for US investors. It has 25.2 million holders this year, up 16.7% from last year. By the end of this year, the number of Ethereum investors in the US will reach 13.1 million, up 26.8% from 2021.
By the end of 2023, transaction value will grow another 55.4% to exceed $16 billion from around $10 billion this year. Principal analyst at Insider Intelligence, David Morris, commented that 2021 was all about networks building crypto payments infrastructure, and growth in stablecoin adoption, before adding:
“We also expect that more crypto options will be layered into how people pay, like cards and digital wallets. These factors should spur high crypto payment growth rates over the next few years.”
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.