By the end of 2022 nearly 34 million US adults will own cryptocurrency, according to a forecast on the cryptocurrency industry released Wednesday by Insider Intelligence. The forecast also says 3.6 million Americans will use cryptocurrency as a form of payment this year, and the number of US adults who own and pay with cryptocurrency will grow by double digits in 2023.
Bitcoin is the most popular cryptocurrency in the US, according to the forecast, with more than 25 million owners, up 16.7% from 2021. "Owner" was defined as someone who holds crypto but doesn't necessarily use it for transactions. Despite bitcoin's current top ranking, its market share is forecast to decline in 2023 because of the growing popularity of rival cryptocurrencies.
"In 2021, cryptos became easier to purchase within apps consumers were already using, and while major financial institutions embraced crypto investments," said Insider Intelligence forecasting analyst Nazmul Islam. "Add hype surrounding meme stocks like Dogecoin to this easier accessibility, and you have a huge spike in ownership rates."
The forecast counted only people aged 18 and up. Insider Intelligence says the methodology for the forecast relies on the analysis of quantitative and qualitative data from research and media firms, government agencies and public companies.