Cryptocurrency adoption in the United States is picking up pace in 2022. According to the survey by Insider Intelligence that was reported in the Street, 10.7% of US crypto owners will use their cryptocurrencies for payments.
The use of crypto payments in 2022 is expected to increase by 70%. Approximately 3.6 million people are forecasted to pay for goods and services with their cryptocurrencies in the upcoming year.
Additionally, more people (33.7 million) are expected to adopt cryptocurrencies by the end of 2022. In addition, global crypto transactions are forecasted to come in above $10 billion.
Nazmul Islam, an analyst at Insider Intelligence, said: “It is easier now to invest in cryptocurrency than ever before. In 2021, cryptos became easier to purchase within apps consumers were already using, while 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.
“Younger investors have a genuine positive outlook on blockchain technology and are buying crypto to hold for a while, expecting prices to continue increasing in the long run.
“Older investors will be more risk-averse and leery of the volatile crypto market. Although, they are increasingly starting to invest in crypto as more retirement funds offer it as an option.”
Crypto-Friendly Countries
According to Coincub, Germany is the most crypto-friendly country for Q1 of 2022. Germany's savings banks announced that it is considering adding a wallet for crypto trading. The savings banks' assets are worth over 1 trillion euros and are the biggest financial group in Germany.
Singapore holds the second spot for the most crypto-friendly countries followed by the US, Australia and Switzerland.
The CEO of Coincub, Sergiu Hamza remarked the following on the findings: "We look to give the most accurate picture of crypto worldwide, and to that end, our ranking is always evolving. In Q1 2022, our scoring methodology better reflects the importance of some categories over others, and we have also added new categories including Talent (the availability of crypto courses by leading institutions) Fraud and numbers of ICOs within each country.
"As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a country's 'crypto friendliness' or maturity."
