Reducing volatility leads to an increase in crypto usage for transactions. The number of adults in the United States using cryptocurrencies to make purchases is set to rise to 3.6 million this year. That’s in a report from Insider Intelligence† By the end of 2022, the number of users of cryptocurrencies will have risen to 33.7 million and to 37.2 million by 2023, the agency predicts. For the first time, crypto payments will exceed the total transaction value of $10 billion; an increase of no less than 70% compared to 2021.
Sector of the iGaming leader in accepting crypto coins
One of the first sectors to embrace bitcoin and other cryptocurrencies as a means of payment was the iGaming sector. The first bitcoin casino opened its doors in 2014 and was a novelty at the time. Today there are several top online casinos who have included crypto coins as a means of payment. In fact, some online casinos even encourage its use by giving bonuses to players who deposit in bitcoin. It is not surprising that this sector was the first to be enthusiastic about the payment method. Many players like to keep their anonymity when gambling or use a separate e-wallet instead of the daily purchase account.
Twilight Zone Cryptocurrencies
If 33.7 million Americans will own crypto coins this year, that means 12.8% of the population and by 2023 that percentage will rise to 14%. But the popularity is not only increasing in the United States. A study by Arcane Research and Ernst & Young revealed that the number of women in Norway owning cryptocurrencies has doubled in one year, from 3% in 2021 to 6% this year. For men, that percentage rose from 6% in 2019 to 14% in 2022. The number of cryptocurrency investors also increased sharply in India, Brazil and Hong Kong. From a survey Research firm Gemini found that almost half of the respondents had started investing in cryptocurrencies in 2021.
Especially young adults are convinced
According to the Insider Intelligence research, it is mainly the 25 to 34 year olds who invest, followed by the 35 to 44 year old group. Bitcoin remains the most popular cryptocurrency, followed by Ethereum, and the second-largest cryptocurrency is rising rapidly. By the end of this year, investors will have $13.1 billion in the US, an increase of 26.8% from 2021. Bitcoin will have 25.2 million owners in 2022, an increase of 16.7% from the previous year. year.
Upward trend continues
Insider Intelligence expects the upward trend to continue. After all, 2021 was all about expanding infrastructure and networks to facilitate and accept crypto payments. These investments will pay off as the agency expects transaction value to grow an additional 55.4% by the end of 2023, from about $10 billion this year to more than $16 billion in 2023. Americans in the survival of crypto coins is great. More than half believe that cryptocurrencies are the future of finance will be.
The above article is a submitted piece and is not the responsibility of Crypto Insiders. This is not financial advice.