According to The Street, citing Insider Intelligence data, crypto adoption will accelerate in 2022, with 10.7% of all crypto owners in the United States expected to use their digital assets for payments. According to the report, crypto payments will climb by 70% in 2022, with over 3.6 million Americans projected to utilize digital assets to pay for products and services.
Additionally, Insider Intelligence forecasts that 33.7 million adults in the United States will become crypto adopters by the end of the year, and the market will surpass $10 billion in global transactions.
According to Nazmul Islam, forecasting analyst at Insider Intelligence, the increase is due to the fact that investing in crypto assets is now easier than ever:
“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 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.“
Insider Intelligence’s principal analyst, David Morris, predicted that cryptocurrency options would be increasingly layered into existing payment services. He predicted that the integration would result in significant growth in crypto payments over the next several years.
The company predicts that the number of crypto users in the United States will exceed 37.2 million by 2023, citing the positive outlook of younger investors and the belief that crypto asset prices will continue to rise.