published by: Admin
ADOPTION OF CRYPTOCURRENCY IN THE USA INDICATES A CRYPTO-POSITIVE NATION
We all know the massive impacts of the Covid-19 pandemic. Well, at the time of writing this article, we are still suffering the impacts of its destruction. People lost their jobs, loved ones, businesses, etc. Large players in the market also suffered huge impacts and currently are trying to recover from the impacts. However, against the setting of the vulnerability raised by Cocid-19, Bitcoin, Ethereum, and other forms ofcryptocurrency in the USA as well as other countries have gained significant importance.
According to the research of Markets and Markets, the market size of cryptocurrency is anticipated to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%. More and more capital venture investments in cryptocurrency startups are accelerating the adoption as well as the value of cryptocurrency.
At the end of 2020, Bitcoin witnessed the value of all-time highs and is staying there. Bloomberg has additionally mentioned that an incredible number of investment banks have eaten up bitcoin as quickly as possible, and the rundown of very rich people and other remarkable tech figures to support the US-based crypto exchanges has grown recently.
If we go a year back (2020), before the outbreak of the pandemic, only 55% of Americans owned stocks with just 6% owning Bitcoin. Further, 68% of them said that they don’t intend to buy crypto in the USA in the future.
There are so many reasons backing these statistics – false and sketchy news of the general American perception towards crypto, lack of knowledge of crypto, etc.
However, if we fast forward to 2021, according to a new survey by Satoshilabs, 46% of Americans say that they own cryptos with almost 95% of them believing that crypto exchanges in the USA are a real currency solution. Now, that’s some real growth of cryptocurrencies in the USA. We can give credit to the Covi-19 pandemic that urged Americans to invest in cryptocurrencies.
Let’s not forget that the United States has always been known as the global leader in innovation, revolutionary investment ideas and business. The USA has been venerated by different nations for its first-to-try attitude and history in advancement, and cryptocurrency is no exemption.
If we talk about the major accomplishments of cryptocurrency in the USA, there are a lot of things to be proud of. According to Global Legal Insights, Colorado was the first state to pass a bipartisan bill making an exemption for cryptocurrencies in the state securities regulations. Ohio became the first state to start accepting taxes in cryptocurrency in the USA. Oklahoma passed the bill for the use of cryptocurrency as a currency within its governmental agencies.
With fewer people in the USA having a negative impression about cryptocurrency, the growth and adoption of cryptocurrency in the USA will be massive. The research by Markets and Markets also laid down some major players in the field of cryptocurrency. If we look at the leading players, the majority of the players are cryptocurrency companies in the USA followed by China.
Cryptocurrency in the USA is taking a step ahead as some U.S. banks will soon allow their customers to buy, hold and sell crypto through their current accounts, according to crypto custody firm NYDIG.
NYDIG has partnered with Fidelity National Information Services to empower banks in the USA to provide bitcoin in the coming months. With banks signing this new deal, leading banks like JPMorgan Chase and Bank of America will be compelled to offer crypto to their customers.
They are already making a transformation in the field of crypto, for example, Morgan Stanley is already offering bitcoins funds to its customers. Goldman Sachs did not leave any exception and followed the trail of Morgan Stanley.
While privacy and security are the hottest controversies of cryptocurrency, the U.S. government has been progressively finding ways to sabotage the anonymity of digital currency transactions and bringing in the boundless financial surveillance of the traditional banking system to cryptocurrencies.
Hence, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) declared a proposed guideline that would require money service businesses (which incorporate crypto exchanges) to gather identity information about individuals who execute with their customers utilizing cryptocurrency wallets or foreign exchanges. The proposed guideline would expect them to keep that information and give it to the government in certain conditions, (for example, when the amount of transactions in a day surpasses a specific limit).
The advantages of the USA turning into a crypto-positive nation are exceptional. There will be more transparent transactions for organizations and a more noteworthy chance for financial abundance and growth for consumers. Things like expanding institutional adoption, development in rising business sectors and growing developer activity, all recommend that the ascent of crypto assets is essentially affecting the coming future. 2021 will be an exceptional year for the USA and crypto.
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