North America Blockchain and Cryptocurrency Market 2022

Bitcoin and Ethereum Among the Most Preferred Cryptocurrencies Among Crypto Users, as of November 2022

This publication summarizes the trends and developments within the market. The publication also reveals that the number of adults owning and using cryptocurrency in the U.S., is forecasted to double by 2023.

Cryptocurrency is expanding in usage and ownership across Canada

As the cryptocurrency market is witnessing growth in the U.S., the Canadian market is no exception to this trend. The global average of consumers who owned cryptocurrency was a certain percentage points higher than Canada as of 2021, nevertheless, Canada is catching up with nearly one in ten consumers owning cryptocurrency as of 2021, according to the report. In addition to this, Bitcoin and Ethereum were among the most preferred cryptocurrencies among crypto users as of November 2022. In terms of the top reasons for investing in cryptocurrency, for more than half of the purchasers, making a profit even in case of risk was the top reasons, with close to another half of survey respondents stating that they were investing to support the decentralized financial system philosophy and to be a part of something innovative. Furthermore, the share of men indicated to have used crypto as of November 2022 was more than that of women, as reported by the publication.

The U.S. is the front-runner in implementing tighter regulations around cryptocurrency amidst the crash of the cryptocurrency market

The adoption of cryptocurrency worldwide is increasing significantly, and the U.S. is no exception to this trend. Although nearly three-quarters of the adults surveyed across the U.S. have never traded, invested, or used cryptocurrency as of July 2022, the forecasted number of adults owning and using cryptocurrency was expected to double by 2023, as revealed by the report. The enthusiasm to own and invest in cryptocurrency in the U.S. is highest among the age group of 25-34 years. As the crypto market developed, the U.S. witnessed tighter governmental regulations in place relating to cryptocurrencies. For instance, recently the country saw the implementation of the Responsible Financial Innovation Act, which explains in detail the rules and regulations for the cryptocurrency market. Furthermore, the U.S. government also implemented the Crypto Regulation Bill as a tight policy measure relating to cryptocurrency. However, the decline in value of the cryptocurrency market worldwide beginning in the spring of 2022 has led to loss of investor sentiments and negative asset price movement across North America as well. Furthermore, the crypto market in the region witnessed a slow growth in investment and funding in H1 2022, with the investment scenario in the cryptocurrency market estimated to face on-going challenges in H2 2022 due to the crash. The inflation in the U.S. economy as well as the slowdown of economies worldwide further triggered the downfall of crypto. Additionally, the cryptocurrency market has remained relatively flat with no signs of growth since June 2022. Apart from this, the collapse of FTX and the decision of the US based cryptocurrency firm, Celsius to freeze withdrawals further contributed to the downfall of the crypto market.

Key Questions Covered

• What are the main reasons for people in the U.S. to invest in cryptocurrency?
• What were the top reasons among Canadian adults for not investing in cryptocurrency?
• Which was the most preferred method of making crypto investments among crypto users in Canada?

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report