Crypto Usage on the Rise
According to a recent report from a well-known research firm, the number of adults in the United States planning to use cryptocurrency for purchases is set to reach a staggering 3.6 million by the end of 2022. That’s a significant uptick that has many folks wondering if this digital currency fad is here to stay or just another blip on the financial radar.
Crypto’s Value as a Payment Option
Reaching new heights, cryptocurrency as a payment method is projected to soar by 70% this year. David Morris, the principal analyst behind this study, believes the increasing popularity of stablecoins is quelling some of the notorious volatility that has plagued cryptocurrencies in the past. With central bank digital currencies (CBDCs) on the horizon, the barriers to crypto acceptance for transactions are expected to lower significantly.
What Does the Future Hold?
The future of crypto payments looks bright, especially with the anticipated introduction of more payment options. Morris comments on the evolving payment landscape, saying, “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.” It’s like waiting for the next iPhone, but for money!
The Growing Numbers
In addition to the 3.6 million projected users in 2022, predictions indicate that the number of U.S. adults participating in the crypto craze could escalate to 33.7 million by the end of the year. For the optimistic souls out there, 2023 may bring an even loftier total of 37.2 million users. However, don’t get too excited just yet—these figures fall short of a more optimistic estimate of 46 million crypto owners in the U.S. in 2021.
Global Trends in Cryptocurrency Investment
Across the globe, cryptocurrency is seeing an unprecedented surge in interest. A survey from the Gemini exchange highlighted that new crypto investors in India, Brazil, and Hong Kong nearly doubled last year, with over half of the participants saying they jumped into crypto in 2021. Meanwhile, in Norway, research indicates that female ownership of cryptocurrencies doubled from 3% to 6% this year, while male ownership surged from 6% in 2019 to 14% in 2022. It seems like everyone wants a piece of the digital pie!
Conclusion: A Mixed Bag
While the expansion of cryptocurrency ownership and acceptance suggests a promising future, the rocky road of volatility and market fluctuations means that continuously taking the temperature of the crypto environment is essential. After all, we don’t want to ride this wave only to wipe out at the end!
