Cryptocurrency and blockchain adoption has been steadily rising since the massive bull run of 2017. A report published on 25 March, stating that blockchain spending in the United States will increase from $3.12 billion to $41 billion by 2025, is an indication of this steady rise.
The report titled ‘United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025),’ predicted that blockchain spending in the US would report a compound annual growth rate [CAGR] of 44.5%, growing from $3.1 billion to $41.11 billion by 2025. The report was released by market and research data platform, Research and Markets.
It also revealed that spending in the US increased by 110% and reached $1.6 billion in 2018. The report referred to and reviewed market opportunities and risks associated with blockchain in over 75 areas, including 11 industries in the US.
According to CoinTelegraph, International Data Corporation [IDC] had in March released a report that forecast global blockchain spending growing between 2018 and 2022, with a five-year CAGR of 76%. It would amount to $12.4 billion in 2022.
According to reports, the US would report the largest blockchain spending of $1.1 billion, followed by Western Europe and China, with a predicted investment of $674 million and $319 million, respectively.
Manisha Singh, the Secretary of State for Economic Growth, Energy, and the Environment of US, said that the agency was currently researching and trying to understand the technology. Singh said,
“Blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”
However, prominent cryptocurrency critic, Nouriel Roubini argued that blockchain had nothing to do with the future of financial services. He excluded blockchain technology from the list of major technologies that would lead to a fintech or manufacturing revolution, which included artificial intelligence [AI], big data, machine learning, and the Internet of Things.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.