04-20-2022 icon

3.6 million Americans predicted to use crypto as payment method in 2022

By Lucy Adegbe

Insider Intelligence, a research firm has predicted that the number of American adults using cryptocurrency to pay for goods and services will increase to 3.6 million in 2022.

According to the published report, the uniqueness of virtual assets as a means of payment is estimated to hit 70% and millions of Americans would have used it to make payments by the end of the year.

This prediction comes weeks after Kucoin, a popular cryptocurrency exchange, reported that cryptocurrency adoption grew by 2500% in Africa and about 33.4 million Nigerians either hold or trade cryptocurrencies.

David Morris, Insider Intelligence’s principal analyst, remarked that stablecoins are gradually alleviating the volatility of cryptocurrencies and the development of Central Bank Digital Currencies (CBDCs) will enhance the use of crypto as a means of payment.

The firm further predicted that by the end of the year, 33.7 million US adults would have used crypto and this figure is expected to increase to 37.2 million by the end of 2023.

Morris said:

“We also expect that more crypto options will be layered into how people pay, like cards and digital wallets. These factors should spur high crypto payment growth rates over the next few years.”

It is, however, important to note that the figures presented by Insider Illence are quite lower than other reports that have predicted crypto users in the US to reach 46 million.