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North America Blockchain and Cryptocurrency Market 2022

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Description

Countries Covered: USA, Canada.

Pages: 63

Publication Date: 13/12/2022

Questions covered in the report:

  • What are the main reasons for people in the U.S. to invest in cryptocurrency?
  • What were the top reasons among Canadian adults for not investing in cryptocurrency?
  • Which was the most preferred method of making crypto investments among crypto users in Canada?

Key Findings:

Cryptocurrency market growth predictions tempered by recent events: new yStats.com report

Although the cryptocurrency market in North America is evolving backed by regulations, the recent crypto fall has sent shock waves across the region

In the aftermath of the pandemic consumers worldwide warmed up to the idea of cryptocurrency and other virtual assets as online payments had already gained momentum during the pandemic. With the global value of cryptocurrency payments estimated to reach billions of euros by 2022, the cryptocurrency market began evolving gradually across nations, especially in the USA, as spelled out by the new yStats.com report. The number of adults owning and using cryptocurrency in the U.S. was at one time forecasted to double by 2023, with nearly three-quarters of adults having heard of crypto as of July 2022, though recent events have reduced the enthusiasm for the alternative currency. The awareness about cryptocurrency among adults in the U.S., as of 2021 saw a rise of certain percentage points as compared to 2020. Bitcoin remained a popular cryptocurrency among nearly three-quarters of adults, with Ethereum being the second most owned cryptocurrency as of 2021, as mentioned in the new yStats.com report.

Despite the growing popularity of cryptocurrency among U.S. adults, a wide gender gap was evident in terms of men and women who have invested, traded, or used crypto as of July 2022. While close to one-half of men invested, traded, or used crypto, the share of women doing so was a little more than one in ten during the same time period. With the cryptocurrency landscape in the U.S. catching pace gradually, policymakers in the country have already introduced a tight regulatory framework for incorporating crypto in the conventional banking system. U.S. recently saw the launch of legislation, which would offer a far-reaching set of rules and regulations to address issues relating to cryptocurrency. Moreover, the Crypto Regulation Bill passed in the U.S. defines cryptocurrency and coordinates the role of the Security Exchange Commission /SEC). Nevertheless, for more than half of the survey respondents, guidance around holding digital assets and holding digital currencies in bank accounts were the top regulatory priories needed to expand the adoption of digital currencies as of December 2021, as per a survey cited in the latest yStats.com publication.

In spite of the growth of cryptocurrency across the U.S., the crypto crash has had an impact on the funding and investment scenario of the blockchain and the crypto market. Crypto investments declined in H1 2022 as compared to 2021, with investor sentiments witnessing a decline. Furthermore, Ethereum, Bitcoin, and altcoins saw a significant drop in value as of October 2022  compared to 2021. The collapse of the biggest cryptocurrency exchange platform FTX and the bankruptcy of the US-based firm Celsius further sent shock waves across the North American region. With the crypto market being in sync with the stock market, the slowdown of economies and inflation worldwide is estimated to further hamper the growth of the crypto market. While many coins such as Shiba Inu, Ripple, and Cardona are estimated to crash, bitcoin and Ethereum among others are expected to survive.

Other digital assets such as NFTs are gaining popularity among consumers, with business executives also inclining towards digital currencies

With the steady growth of the crypto market in the U.S., the share of adults who have heard about digital assets such as NFTs is also increasing. As of July 2022, close to one-half of U.S. adults indicated having heard about NFTs, according to a survey cited in the new yStats.com report. Additionally, most adults who were aware of NFTs at the time of that survey belonged to the age range of 18-29 years. Before the crypto crash, business executives had been slowly inclining towards digital currencies such as crypto, with most businesses across the U.S. expecting that digital currencies would become an important payment method in the future. Most of the surveyed executives also expected their suppliers to accept payments in both crypto and stable coins as of December 2021. Moreover, nearly half of the organizations in the U.S. had very high priorities when it came to enabling cryptocurrency payments during the same time period.

1. Management Summary

2. Global Developments

  • Cryptocurrency Market Overview and Trends, November 2022
  • Overview of Square’s and PayPal’s Activity in the Cryptocurrency Market, October 2022
  • Overview of Visa’s and MasterCard’s Activity on the Cryptocurrency Market, November 2022
  • Overview of Amazon’s, Apple’s, Meta’s, and Walmart’s Activity on the Cryptocurrency Market, November 2022
  • Share of Respondents Who Are Crypto-Curious, in %, February 2022
  • Breakdown of Respondents Who Plan to Invest in Crypto, by Age Group, in %, February 2022
  • Breakdown of Top Factors That Make Respondents More Comfortable in Investing in Cryptocurrency, in % of Respondents, February 2022
  • Top 5 Countries In Terms of Number of Crypto-Owners, in millions, 2021
  • Share of Respondents Who Believe Digital Assets Will Become Important in the Future, in %, April 2021
  • Cryptocurrency Adoption Index, by Country, June 2021 (1 of 7)
  • Cryptocurrency Adoption Index, by Country, June 2021 (2 of 7)
  • Cryptocurrency Adoption Index, by Country, June 2021 (3 of 7)
  • Cryptocurrency Adoption Index, by Country, June 2021 (4 of 7)
  • Cryptocurrency Adoption Index, by Country, June 2021 (5 of 7)
  • Cryptocurrency Adoption Index, by Country, June 2021 (6 of 7)
  • Cryptocurrency Adoption Index, by Country, June 2021 (7 of 7)
  • Share of Top 5 Cryptocurrencies in Circulation Today, in % of Total Market Capitalization, 2021
  • Value of Cryptocurrency Market, in USD trillion, November 2021 & June 2022
  • Cryptocurrency Transaction Value, in USD billion, 2018-2023f
  • Share of Millennials For Whom Bitcoin is a Safe Asset, in %, 2021
  • Share of Large Enterprises That Will Use Digital Currencies for Payments, Collateral And Stored Value, in %, 2024f
  • Fall in the Value of Cryptocurrencies, by Type, in %, October 2021
  • Top Beliefs That Crypto-Owners Have About Cryptocurrencies In the Future, in % of Crypto-Owners, January 2022
  • Top 10 Cryptocurrency ATM Operators, by Number of Machines Installed, and Their Share, in % of Total ATMs, September 2022

3. Bank Activity and Trends

  • Overview of the Banks’ Activity in the Crypto And Blockchain Market, October 2022

4. North America

4.1. USA

  • Cryptocurrency Market Regulations Overview and Trends, October 2022
  • Share of Adults Who Have Invested, Traded or Used Cryptocurrency, in %, July 2022
  • Breakdown of Adults Who Indicate How Their Investments in Cryptocurrency Did, in %, July 2022
  • Breakdown of Adults Who Own Cryptocurrency, by Income, in %, 2021
  • Top Reasons For Investing in Cryptocurrency, in % of Adults, July 2022
  • Share of Adults Who Have Invested, Traded or Used Cryptocurrency, by gender & age group in % of Adults, July 2022
  • Share of Adults Who Have Heard About Digital Assets such as NFTs, in %, July 2022
  • Share of Adults Who Have Heard About Digital Assets Such as NFTs, by Gender & Age group, in %, July 2022
  • Share of Adults Who Are Aware About Cryptocurrency, in %, 2020 vs 2021
  • Share of the Most Owned Cryptocurrencies, in % of Adults, 2021
  • Share of Executives Who Believe Digital Currencies Will Become an Important Way of Payment in the Next 5 Years, in %, December 2021
  • Breakdown of Executives Who Expect Suppliers to Accept Stable Coins vs Those Who Expect Suppliers to Accept Crypto, in %, December 2021
  • Share of Priorities That Organizations Have for Enabling Cryptocurrencies And Stable Coins, in % of Organizations, December 2021
  • Share of Respondents Who Agree Cryptocurrency Payments Will Benefit Businesses, in %, 2021
  • Top Primary Barriers to Adoption of Digital Currency, in % of Respondents, December 2021
  • Top Regulatory Priorities Required to Broaden the Adoption of Digital Currencies, in % of Respondents, December 2021

4.2. Canada

  • Share of Consumers Who Own Cryptocurrency, by region, in %, 2021
  • Share of the Most Used Cryptocurrencies, in % of Total Crypto-Users, November 2022
  • Breakdown of Adults Owning Cryptocurrency, by Gender, in % of Crypto-Owners, November 2022
  • Breakdown of Adults Owning Cryptocurrency, by Age, in % of Crypto-Owners, November 2022
  • Top Reasons For Investing in Cryptocurrencies, in % of Total Crypto-Users, October 2021
  • Top Reasons For Not Investing in Cryptocurrencies, in % of Respondents, October 2021

 

  • PayPal
  • Amazon
  • Apple
  • Meta
  • JPMorgan Chase
  • Goldman Sachs
  • Morgan Stanley
  • Royal Bank of Scotland
  • Ally
  • Mastercard
  • Visa
  • HSBC
  • Asian Bank

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