New research has shed light on cryptocurrency ownership in the United States revealing that more citizens than ever will hold digital assets by the end of 2022.
According to a forecast on the crypto industry released on April 20 by research firm Insider Intelligence, nearly 34 million Americans will own cryptocurrency by the end of the year. That equates to around 10% of the population, though the company reported a higher figure of 12.8%, possibly taking the adult population figures into account rather than the total.
The researchers predicted that the number of U.S. adults who own and use crypto for payments will double digits by 2023. It added that 3.6 million Americans would use digital assets as a payment method at some time this year.
Crypto Adoption Surging
Crypto payments will surpass $10 billion in total transaction value globally for the first time in 2022, the forecast informed. According to the figures, this is an increase of more than 70% from 2021.
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 predicted that more than 37 million U.S. adults will own crypto in 2023, or around 14% of the population. Demographically, the largest ownership group will be those aged 25 to 34, followed by the 35 to 44 age
Bitcoin remains the most popular digital asset for American investors, with 25.2 million holders this year, up 16.7% over last year. Ethereum investors will total 13.1 million in the U.S. by the end of this year, an increase of 26.8% from 2021.
Transaction Value Surging
By the end of 2023, transaction value will grow another 55.4% to exceed $16 billion from around $10 billion this year, it reported. 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.”
The company stated that it derived the data and methodology from analysis of quantitative and qualitative data from research and media firms, government agencies, and public companies.