"Cryptocurrency has gone from an obscure fad to a much more mainstream form of investment and finance," according to Senator Roy Blunt of Missouri. He points out, “A handful of cryptocurrencies dominate the market, with Bitcoin accounting for 41% of the industry’s total market value. With that growth, governments around the world have become interested in regulating the industry.”
You would think that with the stock market dropping and inflation rising, growth in cryptocurrency would slow down. Not so, says The Ascent, a Motley Fool service: 46.5 million Americans who have never purchased cryptocurrency say they are likely to invest in crypto for the first time next year.
Findings from the May 2022 survey include[i]:
- Interest in cryptocurrency continues to grow: 56% of American adults, roughly 145 million people, say they own or have previously owned cryptocurrency. Seventy-four percent of that group, approximately 107 million Americans, invested in crypto for the first time in the last two years. Forty-one percent of Americans who have never owned crypto, about 46.5 million Americans, say they are likely to buy crypto in the next year.
- Skepticism towards crypto's value is rising: 24% of American adults who don't own crypto haven't bought it because they think it's a bad investment, up from 9% in 2021.
- Financial integration is in demand: 52% of American adults would consider investing in cryptocurrency in their retirement accounts, 62% would buy more crypto if they could store it in a bank account, and 61% would consider a credit card with crypto rewards.
In its article, “Crypto’s Gone Mainstream; Here’s What Comes Next,” Forbes offers these additional insights:
Numbers like these speak for themselves.
What This Means for Financial Institutions
Financial institutions require a deeper understanding of crypto’s potential and impact to payments. With 55 of the 100 largest financial institutions in the world currently investing in crypto and blockchain, industry players must educate themselves about emerging developments and trends in crypto and their implications.
NEACH’s virtual 2022 Future of Payments Symposium II, Dec. 1, 2022, will address issues like these, the evolution of the payments landscape, and its impact on financial institutions. In addition, the Symposium offers industry insights through discussions between financial institutions (FI) and industry experts on the latest topics for the future of the payments industry, including:
- Crypto Regulation…Building a New Highway? with Lynne Marlor, Transformational Strategies, LLC and Global Blockchain Business Council
- Rebounding from the Revenue Recession with Ron Shevlin, Cornerstone Advisors
- Payments Strategy Session, Peter Tapling, Emerging Technology Expert
Attend this year's Symposium to help your organization prepare for the next wave in payments innovation — including cryptocurrency developments. Join us to ensure you are on to
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.