According to research, crypto will grow exponentially in the next 30 years
Bank of America has released a 140-page report covering the digital asset industry, including NFTs, institutional investments, and growth rates. According to the report, the industry is still “young” and has great potential for growth in the future.
27% of the US population will use cryptocurrency
According to research, 14% of the US population currently owns cryptocurrency. The percentage translates to 21 million individuals who use cryptocurrencies as financial holdings, payment instruments, and more.
The average cryptocurrency holder is a 38-year-old Caucasian male who earns about $111,000 annually, according to the report.
The youngest and largest age groups represented are 18-24 and 55-65. Although the cryptocurrency industry is considered “modern,” the smallest representatives of the industry are in the minority.
Mass adoption creates institutional interest
According to data provided by Coinbase, the number of institutional users on the platform increased by 67%, while the number of retail investors increased by only 34%. While institutions represent only 1% of Coinbase’s population, institutions own 50% of the platform’s assets and contribute 64% of the volume.
In the fourth quarter of 2020, institutional trading volume reached $57 billion, while a year earlier, institutional trading volume was only $9 billion.
Additional Reports and Conclusion
The bank’s document also covered various market and chain data, such as the number of large transactions, bearer sentiment, and Ethereum’s growth rate. Experts have also pointed out that the illegal use of Bitcoin is declining dramatically. Compared to 2012, bitcoin transactions linked to illegal sources have fallen from roughly 40% to 0-1%.