Various research firms released their reports this year confirming the increasing trend of global cryptocurrency adoption. They affirmed that this incidence is happening in countries worldwide, including the United States.
We find this virtual currency-related news about global cryptocurrency adoption important for our followers to read today. We believe this update will help them understand more about the growing significance of crypto-assets to consumers and businesses worldwide.
According to the news posted online by cryptocurrency news outlet Coin Insider, global cryptocurrency adoption will soar this 2022 and onwards. As this trend occurs, it will involve increased numbers of traders, investors, and users looking to virtual currencies for profit and purchases.
In its latest report, Gemini researchers discovered that cryptocurrency investors in Hong Kong, Brazil, and India have more than doubled between November 2021 and February 2022. The New York-based cryptocurrency exchange’s researchers surveyed 30,000 people across 20 countries worldwide, digging into where and how the cryptocurrency market might be expanding.
The Gemini researchers’ report titled “2022 Global State of Crypto” indicated that global cryptocurrency adoption is, indeed, happening. In India, this trend has surged by 54 percent.
Meanwhile, it is 51 percent in both Hong Kong and Brazil. Insider Intelligence predicted that the number of adults in the United States owning cryptocurrency would balloon to 33.7 million people by this year’s culmination.
Furthermore, the research institution forecast this increase to even go further next year. Insider Intelligence’s analysts looked at a predicted figure of above 37 million virtual currency owners in the United States.
They also pointed out that the predicted number of US-based adults making cryptocurrency purchases would surge by a staggering 70 percent this 2022. More nations implementing and testing central bank-backed digital currencies or CBDCs are boosting the decentralized currency sector with unprecedented gains, per Insider Intelligence’s report.
This trend will witness an estimated figure of 3.6 million American adults utilizing virtual currency next year, making purchases in their daily lives. David Morris explained that cryptocurrency volatility typically a deterrent for cautious adopters and risk-off investors continues to get reduced as more stablecoins enter the cryptocurrency scene.
Insider Intelligence’s leading research analyst added that CBDCs tied to a cryptocurrency’s value, or pegged at a 1:1 ratio, translates to people getting digital currencies and cryptocurrency’s advantages without the market swings’ risk and volatility usually seen in the sector.
Morris said they also anticipate that more virtual currency options would be layered into how people pay, like digital wallets and credit cards. He remarked that these factors should spur high virtual currency payment growth rates over the next few years.
We find it important and interesting to learn that global cryptocurrency adoption is getting more pronounced as the years go by. We have actually seen this trend coming.
We believe global cryptocurrency adoption will expand further, with crypto-asset usage increasing at considerable rates, per the worldwide surveys conducted by think tanks.
Therefore, we think cryptocurrency naysayers or critics should look into these happenings. As a growing reality, we believe global cryptocurrency adoption will become a norm in the coming years, eventually making virtual assets mainstream financial instruments worldwide.