Dublin, Dec. 22, 2022 (GLOBE NEWSWIRE) — The “North America Blockchain and Cryptocurrency Market 2022” report has been added ResearchAndMarkets.com’s Offering.
This publication summarizes the trends and developments in the market. The publication also reveals that the number of adults owning and using cryptocurrency in the United States is expected to double by 2023.
Cryptocurrency is expanding in use and ownership across Canada
As the cryptocurrency market is witnessing growth in the US, the Canadian market is no exception to this trend. The global average of consumers who owned cryptocurrency was some percentage points higher than Canada as of 2021, yet Canada catches up with nearly one in ten consumers owning cryptocurrency as of 2021, according to the report. In addition to this, Bitcoin and Ethereum were among the most preferred cryptocurrencies among crypto users as of November 2022.
When it comes to the main reasons for investing in cryptocurrency, for more than half of buyers, making money even in the face of risk was the main reasons, with close to another half of respondents stating that they invested to support the decentralized financial system philosophy and to be part of something innovative. Furthermore, as of November 2022, the proportion of men who were reported to have used crypto was higher than that of women, as reported by the publication.
The United States is the front runner in implementing tighter regulations around cryptocurrency amid the cryptocurrency market crash
The use of cryptocurrency around the world is increasing significantly, and the United States is no exception to this trend. Although nearly three-quarters of adults surveyed across the United States have never traded, invested, or used cryptocurrency as of July 2022, the estimated number of adults owning and using cryptocurrency was expected to double by 2023, as revealed by the report. Enthusiasm for owning and investing in cryptocurrency in the US is highest among the 25-34 age group. As the crypto market developed, the United States witnessed tighter government regulations related to cryptocurrencies. For example, the country recently saw the implementation of the Responsible Financial Innovation Act, which explains in detail the rules and regulations for the cryptocurrency market.
Furthermore, the US government also implemented the Crypto Regulation Bill as a strict policy measure related to cryptocurrency. However, the fall in the value of the cryptocurrency market worldwide from the spring of 2022 has led to a loss of investor sentiment and negative movements in asset prices across North America as well. Furthermore, the crypto market in the region witnessed slow growth in investment and funding in H1 2022, with the cryptocurrency market investment scenario projected to face ongoing challenges in H2 2022 due to the crash.
Inflation in the US economy as well as the slowdown in economies around the world further triggered the crypto’s fall. In addition, the cryptocurrency market has remained relatively flat with no signs of growth since June 2022. Apart from this, the collapse of FTX and the decision of US-based cryptocurrency firm Celsius to freeze withdrawals further contributed to the downfall of the crypto market.
Key questions covered
- What are the main reasons why people in the US invest in cryptocurrency?
- What were the top reasons among Canadian adults for not investing in cryptocurrency?
- What was the most preferred method of making crypto investments among crypto users in Canada?
Key topics covered:
1. Management summary
2. Global development
3. Banking activity and trends
4. North America
Companies mentioned
- Ally
- Amazon
- apple
- Asian Bank
- Goldman Sachs
- HSBC
- JPMorgan Chase
- MasterCard
- Meta
- Morgan Stanley
- PayPal
- Royal Bank of Scotland
- The square
- Visa
- Walmart
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