According to Insider Intelligence, payments made using cryptocurrencies will surpass $10 billion in total transaction value globally for the first time this year, skyrocketing more than 70% from 2021. The number of US adults who own at least one cryptocurrency will climb 19.0% to 33.7 million by the end of 2022. That equates to 12.8% of the US population, having surpassed 10% last year. The largest ownership group will be adults ages 25 to 34, followed by those ages 35 to 44. Bitcoin, the first cryptocurrency on the market, is the most popular crypto in the US, with 25.2 million owners this year, up 16.7% over last year. Exactly 75% of crypto owners will have Bitcoin in their portfolios this year. But the currency’s share of the market will decline to 70.6% next year as rivals grow in popularity. The second-largest coin, Ethereum, will have 13.1 million owners in the US this year, a gain of 26.8% over last year. Crypto payment transaction value globally will surge 70.5% in 2022 to reach $10.40 billion. By the end of 2023, transaction value will grow another 55.4% to exceed $16 billion. 3.6 million US adults will use cryptocurrency to make a purchase this year, up 68.6% over last year. That means 10.7% of crypto owners will actually use a currency to make a purchase. “Last year was all about networks building crypto payments infrastructure,” says David Morris, principal analyst at Insider Intelligence. “The growth in stablecoin usage is also helping alleviate asset volatility, and CBDC developments are spurring interest in crypto assets as a payment method.”
