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As cryptocurrency adoption expands across the globe, we are looking at increased numbers of users, investors and traders looking to digital currencies for purchases and profit. According to a research firm and a report published by Insider Intelligence, the predicted number of adults in the United States making cryptocurrency purchases this year will increase by a whopping 70% in 2022.
As per the report, more countries testing and implementing central bank digital currencies (CBDCs) is boosting the decentralised currency industry with unprecedented gains. This, according to Insider Intelligence’s report, will see an estimated number of 3.6 million American adults using cryptocurrency in the next year to make purchases in every day life. According to David Morris, the company’s leading analyst, the volatility in cryptocurrency – typically a deterrent for risk-off investors and cautious adopters – is continuously reduced as more stable coins enter the scene. Furthermore, CBDCs tied to the value of a country’s value (pegged at a 1:1 ratio) means people will get to experience the benefits of cryptocurrency and digital currencies without the volatility and risk of market swings topically seen in the industry. As per Morris:
“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.”
Report: Global cryptocurrency use to increase by the end of 2022
According to the research firm’s predictions, by the end of 2022, the number of United States adults who own cryptocurrency is set to increase to 33.7 million people. The company predicts this to increase even further in 2023, looking at a predicted just above 37 million cryptocurrency owners in the country.
As it stands, it has been estimated by Newsweek that 46 million adults in the United States own cryptocurrency – a number significantly greater than Insider Intelligence’s predictions. While Newsweek’s data was met with scepticism, if the number is correct, it represents approximately 22% of American adults, a figure significant in the adoption of the industry.
The finance industry is taking crypto mainstream by building #Bitcoin into their insurance, banking, & investment products. @Newsweek says 46 million Americans now own Bitcoin.https://t.co/Wj6Ymk0hYU
— Michael Saylor⚡️ (@saylor) May 12, 2021
Cryptocurrency adoption across the world
Looking at other surveys across the world, cryptocurrency adoption does seem to be increasing at substantial rates. According to research conducted by New York-based exchange Gemini, cryptocurrency investors in India, Brazil and Hong Kong have more than doubled between November 2021 and February 2022. Gemini polled 30,000 people across 20 countries across the globe to dig into how and where the cryptocurrency market might be expanding and the results of the survey, released as a report titled “2022 Global State of Crypto”. According to the results, cryptocurrency adoption in India has increased by 54%, and by 51% in both Brazil and Hong Kong.
Read more: Five factors driving cryptocurrency adoption
Further in the European region, research firm Arcane Research along with global corporation Ernst & Young (EY) found that cryptocurrency adoption among women in Norway has also doubled. Ownership might remain slim, moving from 3% to 6%, but a 100% increase in ownership is significant, especially with women ownership still only accounting for a fraction of the cryptocurrency industry. From 2019 to 2022, the research found that male ownership in Norway increased from 6% to 14% over the time frame.