A new report claims that 3.6 million Americans will use cryptoassets for purchases before the end of 2022.
According to a report by The Street, citing data from Insider Intelligence, crypto adoption is accelerating in 2022, with 10.7% of all crypto owners in the U.S. expected to use their digital assets for payments. The report claims that crypto use for payments will increase by 70% in 2022, with roughly 3.6 million Americans expected to pay for goods and services with digital assets.
Insider Intelligence also claims that a total of 33.7 million U.S. adults will become crypto adopters by the end of the year and predicts the market to exceed $10 billion in global transactions.
Nazmul Islam, forecasting analyst at Insider Intelligence, said the increase was due to it being easier than ever to invest in cryptoassets:
“It is easier now to invest in cryptocurrency than ever before. 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.“
David Morris, Insider Intelligence’s principal analyst, predicted that crypto options would be increasingly layered into existing payment services. He said the integration would lead to high crypto payment growth for the next several years.
The company predicts crypto’s user base in the US may eclipse 37.2 million by 2023, noting the positive outlook by younger investors and the perception that cryptoasset prices will continue to appreciate.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “Leamsii” via Pixabay.com