U.S. Cryptocurrency Adoption Indicates A Crypto-Positive Nation
by Priya Dialani
May 7, 2021
Cryptocurrency In The United States Will Lead To Greater Financial Abundance And Growth For Consumers
We all know the massive impacts of the Covid-19 pandemic. Well, at the time of writing this article, we are still experiencing the effects of its destruction. People have lost their jobs, their loved ones, their businesses, etc. The big players in the market have also suffered huge impacts and are now trying to recover. However, in relation to the context of the vulnerability raised by Cocid-19, Bitcoin, Ethereum and other forms of cryptocurrency in the United States as well as other countries have acquired significant importance.
According to research markets and markets, the cryptocurrency market size is expected to grow from $ 1.6 billion in 2021 to $ 2.2 billion by 2026, with a CAGR of 7.1%. More and more venture capital investments in cryptocurrency startups are accelerating the adoption as well as the value of cryptocurrency.
At the end of 2020, Bitcoin has witnessed the value of all-time highs and remains there. Bloomberg also mentionned that an incredible number of investment banks have been consuming bitcoin as quickly as possible, and that the number of very wealthy people and other notable technology figures to support US-based crypto exchanges has increased recently.
If we go back one year (2020), before the outbreak of the pandemic, only 55% of Americans owned stocks with only 6% Bitcoin. Additionally, 68% of them said they have no plans to buy crypto in the United States in the future.
There are so many reasons behind these statistics – false and sketchy news of the general American perception towards crypto, lack of knowledge of crypto, etc.
However, if we move quickly to 2021, according to a new investigation by Satoshilabs, 46% of Americans say they own cryptos and almost 95% of them believe that crypto exchanges in the United States are a real money market solution. Now that is real growth for cryptocurrencies in the United States. We can pay tribute to the Covi-19 pandemic which has urged Americans to invest in cryptocurrencies.
Let’s not forget that the United States has always been recognized as the world leader in innovation, breakthrough investment ideas and business. The United States has been revered by different nations for its first-to-try attitude and history of progress, and cryptocurrency is no exception.
If we are talking about the major achievements of cryptocurrency in the United States, there are a lot of things to be proud of. According to Global legal perspectivesColorado was the first state to pass a bipartisan bill providing an exemption for cryptocurrencies from state securities regulation. Ohio became the first state to start accepting cryptocurrency taxes in the United States. Oklahoma has passed the Cryptocurrency-as-Currency Bill for its government agencies.
With fewer people in the United States having a negative impression of cryptocurrency, the growth and adoption of cryptocurrency in the United States will be massive. the research by Markets and Markets has also defined some major players in the field of cryptocurrency. If we look at the major players, the majority of the players are cryptocurrency companies in the United States, followed by China.
Cryptocurrency in the United States is getting a head start as some U.S. banks will soon allow their customers to buy, hold and sell cryptocurrency through their current accounts, according to crypto custodian firm NYDIG.
NYDIG has partnered with Fidelity National Information Services to enable US banks to provide bitcoin in the coming months. With the signing of this new agreement by the banks, leading banks like JPMorgan Chase and Bank of America will be forced to offer crypto to their customers.
They are already undergoing a transformation in the crypto arena, for example, Morgan Stanley is already offering bitcoin funds to its customers. Goldman Sachs left no exceptions and followed in Morgan Stanley’s footsteps.
While privacy and security are the hottest controversies in cryptocurrency, the U.S. government has gradually found ways to sabotage the anonymity of digital currency transactions and integrate the unlimited financial oversight of the traditional banking system into cryptocurrencies.
Therefore, the Treasury Department’s Financial Crime Enforcement Network (FinCEN) declared a proposal guideline this would force money services businesses (which incorporate crypto exchanges) to collect identity information about people who perform with their clients using cryptocurrency wallets or foreign exchanges. The proposed directive would expect them to keep this information and release it to the government under certain conditions (for example, when the amount of transactions in a day exceeds a specific limit).
The benefits of transforming the United States into a crypto-positive nation are exceptional. There will be more transparent transactions for organizations and a more remarkable chance for financial abundance and growth for consumers. Things like the expansion of institutional adoption, development into growing industries, and growing developer activity, all recommend that the rise of crypto assets primarily affect the future to come. 2021 will be an exceptional year for the US and crypto.
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