Crypto adoption has exploded over the past two years, especially after heavyweight institutions like Tesla and Mastercard took steps to embrace digital currencies. In 2022, cryptocurrency is expected to account for $37.2bn worth of transactions worldwide, up 9.2% from a year before.
According to data presented by Crypto Presales, 2023 is set to witness even bigger year-over-year growth, with crypto transaction value rising by 25% to $43.5bn worldwide.
Double-Digit Growth Across all Major Markets
According to Statista data, the global crypto transaction value grew more than ten times between 2017 and 2020, jumping from around $2bn to $22.5bn. In the last two years, it increased by another 54% and is expected to hit $43.5bn in 2022, despite the ongoing crypto price correction. More than half of that value will come from the United States, the world’s leading crypto market.
Statistics show the US will generate $18.5bn worth of crypto transactions this year, seven times more than India, the second-largest market, and ten times more than the United Kingdom. In 2023, this figure is projected to jump by 22% to $22.7bn. In fact, Statista expects all major crypto markets to witness double-digit growth next year.
The crypto transaction value in India is set to grow by 31% year-over-year to $3.1bn in 2023, while the UK will see $1.6bn worth of crypto transactions, 36% more than this year.
Also, the average crypto transaction value per person is expected to rise to $148 in 2023, up 9% from $135 this year.
Close to 300M Crypto Users, Despite User Growth Slowing Down
The mass adoption of digital assets continues to boom despite the massive volatility seen in the crypto space throughout this year. In the last three years, 145 million people worldwide started using cryptos as a payment method or a long-term investment, with the total number of users reaching over 257 million in 2022.
Statistics show the base of crypto users will expand at double-digit rates through 2023, despite user growth slowing down. Statista expects close to 294 million crypto users next year, or 36 million more than in 2022. Also, the user penetration rate is expected to increase from 3.4% to 3.8%.