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Cryptocurrency use in the United States is expected to increase by 70% in 2022.

Photo by: REUTERS/Dado Ruvic/Illustration

Cryptocurrency adoption will increase in 2022, with new ways to use digital assets for regular purchases. According to the most recent statistics from Insider Intelligence, 3.6 million Americans (10.7 percent of all crypto owners) plan to utilize bitcoin for payment this year.

According to Insider Intelligence, the usage of cryptocurrency as a payment method will increase by 70% by 2022, with 3.6 million American adults using cryptocurrency to pay for products and services by December.

By the end of the year, 33.7 million individuals in the United States will have used cryptocurrency. Cryptocurrencies are expected to surpass $10 billion in worldwide transaction value this year, according to the company.

The development of stablecoin usage, according to the company's lead analyst David Morris, is reducing crypto's volatility. As CBDCs are built, more attention will be paid to crypto as a payment method.

David Morris, Insider Intelligence’s principal analyst, 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.”

Insider Intelligence analyst Nazmul Islam stated:

“It is easier now to invest in cryptocurrency than ever before. In 2021, cryptos became easier to purchase within apps consumers were already using, and while major financial institutions embraced crypto investments"

Nazmul Islam added:

“Younger investors have a genuine positive outlook on  blockchain   technology and are buying crypto to hold for a while, expecting prices to continue increasing in the long run.

Older investors will be more risk-averse and leery of the volatile crypto market. Although, they are increasingly starting to invest in crypto as more retirement funds offer it as an option"