A survey by Insider Intelligence reported that 10.7% of US crypto owners will use their cryptocurrencies as a means of payment this year amidst an ongoing upswell of interest in the industry.
In brief
- 3.6 million people are expected to use cryptocurrencies for goods and services this year.
- Coincub has chosen Germany as the most crypto-friendly country in Q1 2022.
The use of crypto payments in 2022 is forecasted to rise by 70%. About 3.6 million people are expected to pay for goods and services using crypto this year.
The survey also found that approximately 33.7 million people are expected to adopt crypto by the end of the year. Meanwhile, global crypto transactions are also expected to reach a valuation of $10 billion.
Analysts at Insider Intelligence said:
“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.
“Add hype surrounding meme stocks like Dogecoin to this easier accessibility, and you have a huge spike in ownership rates. 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.”
The analysts’ comments on ‘blockchain technology’ come with a forewarning from none other than Peter Thiel himself, however. During the Bitcoin conference earlier this year, Peter Thiel warned of the motives of entities that promote ‘blockchain’ technology over ‘bitcoin’, noting the 2017-2018 hype cycle which ended fairly poorly.
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Firm Selects Germany as top Crypto-Friendly Country
According to a report by Coincub, Germany is the most crypto-friendly country in the world for Q1 2022 despite controversial laws tabled in the European parliament. Germany’s savings banks revealed that it is considering adding a wallet for crypocurrency trading. The banks’ assets are worth over €1 trillion and are the largest financial group in Germany.
Singapore holds the second spot for the most crypto-friendly countries followed by the US Australia and Switzerland.
Coincub CEO, Sergiu Hamza commented on the findings, stating:
“We look to give the most accurate picture of crypto worldwide, and to that end our ranking is always evolving. In Q1 2022, our scoring methodology better reflects the importance of some categories over others, and we have also added new categories including Talent (the availability of crypto courses by leading institutions) Fraud and numbers of ICOs within each country.
“As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a countries ‘crypto friendliness’ or maturity.”
The CEO’s comments come days after Crypto businesses pushed back against a privacy-infringing European Union law that would require exchanges to collect and share details of transactions involving Bitcoin and other digital assets.
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