According to cryptocurrency industry forecasts released by research firm Insider Intelligence on April 20, around 34 million Americans will own cryptocurrency by the end of the year. This equates to about 10% of the population, although the company reported a higher figure of 12.8%, possibly taking into account figures for the adult population rather than the total.
Researchers predict that the number of US adults owning and using crypto for payments will reach double digits by 2023. It states that 3.6 million Americans will use digital assets as a payment method sometime this year.
crypto adoption surge
The forecast states that crypto payments will surpass $10 billion in total transaction value globally for the first time in 2022. According to the data, this is an increase of over 70% from 2021.
Insider Intelligence Forecasting Analyst Najmul Islam commented on the meteoric rise of cryptocurrency adoption in the US:
“In 2021, it became easier for consumers to buy crypto within apps they already use, and while major financial institutions embraced crypto investing. Add the hype around meme stocks like Dogecoin to this easy access, and you have ownership. There is a huge increase in rates.
The report estimates that by 2023 more than 37 million US adults will have cryptococcosis, or about 14% of the population. Demographically, the largest ownership group would be those aged 25 to 34, followed by those aged 35 to 44.
Bitcoin remains the most popular digital asset for US investors with 25.2 million holders this year, up 16.7% from last year. Ethereum investors will total 13.1 million in the US by the end of this year, an increase of 26.8% from 2021.
transaction value surging
By the end of 2023, the transaction value will increase 55.4% to more than $16 billion from about $10 billion this year, it reported. David Morris, Principal Analyst at Insider Intelligence, commented that 2021 was all about building out network cryptocurrency payment infrastructure and increasing stablecoin adoption, before adding:
“We also expect that there will be more crypto options in the way people pay, such as cards and digital wallets. These factors should drive higher crypto payment growth rates over the next few years.”
The company said it has obtained data and methodology from research and analysis of quantitative and qualitative data from media firms, government agencies and public companies.
earlier this month, cryptopotato The report states that more than 50% of Americans believe that crypto will be the future of finance.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.