According to a crypto industry forecast 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 about 10% of the population, although the company reported a higher figure of 12.8%, possibly taking into account the adult population figures rather than the total.
The researchers predicted that the number of US adults who own and use crypto for payments will reach double digits by 2023. It added that 3.6 million Americans would use digital assets as a payment method sometime this year.
Crypto Adoption Rising Fast
Crypto payments will exceed the total transaction value of $10 billion for the first time in 2022, the forecast reports. 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 buy within apps consumers were already using, and as major financial institutions embraced crypto investments. Add hype around meme stocks like Dogecoin to this easier access and you have a massive spike in ownership rates.
The report predicted that more than 37 million American adults will own crypto by 2023, or about 14% of the population. Demographically, the largest ownership group will be the 25- to 34-year-olds, followed by the 35- to 44-year-olds.
Bitcoin remains the most popular digital asset for US investors, with 25.2 million holders this year, up 16.7% from last year. Ethereum investors will have a total of $13.1 million in the US by the end of this year, up 26.8% from 2021.
Transaction value increases
By the end of 2023, the transaction value will grow another 55.4% to more than $16 billion, from about $10 billion this year, it reported. Lead analyst at Insider Intelligence, David Morris, noted that 2021 was all about networks building crypto payments infrastructure and growth in stablecoin adoption, before adding:
“We also expect more crypto options to be layered in how people pay, such as cards and digital wallets. These factors should lead to high growth rates for crypto payments in the coming years.”
The company stated that it derived the data and methodology from analyzing quantitative and qualitative data from research and media companies, government agencies and public companies.
Earlier this month, CryptoPotato reported that more than 50% of Americans believe crypto will be the future of finance.
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