New research has revealed that over 10% which nearly 34 million Americans will own cryptocurrency by the end of the year
Over 10% Of Americans Will Own Crypto By Year-End
According to a report released on April 20 by research firm Insider Intelligence on the cryptocurrency industry, over 10%, which is nearly 34 million Americans, will own cryptocurrency by the end of the year.
This equates to roughly over 10% of the population, though the company reported a higher figure of 12.8 percent, possibly based on adult population figures rather than the total population.
According to the researchers, by 2023, the number of adults in the United States who own and use cryptocurrency for payments will be in the double digits. According to the report, 3.6 million Americans will use digital assets as a payment method this year.
Crypto Adoption Surging
According to the forecast, the total transaction value of crypto payments will surpass $10 billion for the first time in 2022. According to the figures, this represents a 70 percent increase from 2021.
Nazmul Islam, an Insider Intelligence forecasting analyst, commented on the meteoric rise of cryptocurrency adoption in the United States:
“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.”
— Nazmul Islam, An Insider Intelligence Forecasting Analyst
According to the report, more than 37 million adults in the United States will own cryptocurrency in 2023, accounting for roughly 14% of the population. The largest ownership group will be those between the ages of 25 and 34, followed by those between the ages of 35 and 44.
With 25.2 million holders this year, up 16.7% from last year, bitcoin remains the most popular digital asset among American investors. By the end of this year, there will be 13.1 million Ethereum investors in the United States, up 26.8% from 2021.
Transaction Value Surging
According to the report, transaction value will increase by another 55.4 percent by the end of 2023, surpassing $16 billion from around $10 billion this year.
Insider Intelligence’s principal analyst, David Morris, stated that 2021 would be all about networks building crypto payment infrastructure and 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.”
— David Morris, Insider Intelligence’s principal analyst
The data and methodology were derived from an analysis of quantitative and qualitative data from research and media firms, government agencies, and public companies, according to the company.