Cryptocurrencies have been growing in popularity. According to a forecast by the market research company Insider Intelligence, crypto adoption and usage will continue to rise significantly. This is the company's first forecast on the toptic.
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The forecast says that payments made in crypto will surpass $10 bln in overall transaction value worldwide this year growing over 70% compared to 2021. The value is expected to exceed $16 billion by the end of 2023.
Along with this, the number of US adults who own and use crypto for payments will increase by double digits through 2023. Forecasting analyst at Insider Intelligence, Nazmul Islam, noted several reasons for the spike of ownership rates. One is that investing in crypto became easier within apps consumers were already using. At the same time, financial institutions embraced crypto investments. Another factor, according to Islam, is the hype around meme coins like Dogecoin.
By the end of this year, the number of US adults who own at least one crypto will climb 19% and reach 33.7 M. This number equates to 12.8% of the population, having grown 10% last year.
Mostly, crypto ownership will grow among adults ages 25 to 34. Insider Intelligence predicts that the smallest but fastest growing group will be adults ages 65 and over.
It also says that three-quarters of crypto owners will have Bitcoin in their portfolios, and 38.9% will own Ether. Eith altcoins growing popularity, Bitcoin share of the market will decline to 70.6% next year.