In 2022, cryptocurrency is expected to account for almost $35bn worth of transactions worldwide, up 6.7% from $32.5bn a year ago. More than half of that value will come from the United States as the leading crypto market globally.
According to data presented by Augusta Free Press, 16% of Americans used or owned cryptocurrencies in 2022, three times more than back in 2019.
Hype Around Cryptos Still Spreading
According to the Statista Global Consumer Survey, the hype around cryptocurrencies is spreading worldwide, despite the recent crypto price crash, with digital currencies like Bitcoin, Ethereum, or Binance drawing the interest of more and more people, at least in some countries.
Statistics show India, Brazil, the United States, and Germany are countries where the number of crypto users and owners jumped significantly between 2018/19 and 2021/22. In India, for example, the number of crypto users more than tripled, rising from 8% to 27% in this period.
However, the United States has witnessed just as impressive growth. In 2019, only 5% of respondents from the United States said they used or owned cryptos. Statistics show their share jumped to 16% in 2022.
Spain and South Africa have seen modest gains, with the percentage of crypto owners going from 16% and 17% to 26% and 23%. The Statista survey showed that in Mexico and China, the interest in cryptocurrencies more or less stagnated in the last three years, with the two countries having around 12% of crypto users in 2022, the same as three years ago.
India Has the Highest Number of Crypto Users, but the US Generates 53% of Total Transaction Value
According to Statista data, India has the highest number of crypto users globally, with 134 million as of this year, or nearly five times more than the US, which counts 27.7 million users in 2022.
However, the US crypto market is expected to generate more than half of the global crypto transaction value this year, or $18.5bn. India will see the second-largest transaction value of $2.4bn in 2022. Japan, the United Kingdom, and South Korea follow, with $1.7bn, $1.2bn, and $1bn, respectively.
Statista expects the adoption of cryptocurrencies to continue growing on a global scale. Recent estimates show 257.2 million crypto users worldwide, or 3.2% of the world’s population.
However, the base of crypto users will expand at double-digit rates through 2023, despite user growth slowing down. Statista expects close to 294 million crypto users next year, showing a 14% increase YoY.