Recent research points to a sharp increase in the use of cryptocurrencies as means of payment among U.S. residents.
What Happened: A report recently published by market analysis firm Insider Intelligence shows that this year cryptocurrency's transactional value is expected to increase by 70%, according to a Wednesday Cointelegraph report. The firm also believes that the number of adults in the U.S. who will use this kind of assets to pay for purchases in 2022 will reach 3.6 million.
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Insider Intelligence principal analyst David Morris believes that the volatility of cryptocurrencies was alleviated by the growth of stablecoins. He also expects that the development of central bank digital currencies (CBDCs) will further increase the attention towards the use of cryptocurrencies as means of payment.
"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,” Morris said.
Insider Intelligence also believes that 33.7 million adults located in the U.S. will become cryptocurrency users by the end of 2022. In 2023, the firm expects this number to grow further and reach 37.2 million.
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