Chart of the Day: Cold hard crypto

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Crypto transaction value crosses $10 billion mark worldwide

In 2021, cryptocurrency accounted for?$6.10 billion?worth of transactions worldwide, up?177.3%?from?$2.20 billion?the year before. Come 2023, crypto transaction value will hit?$16.16 billion?as more businesses accept these digital currencies as payment.

Beyond the chart:?Crypto adoption has exploded since the onset of the pandemic, when the digital assets captured the imaginations of people stuck at home and online. Nearly?13%?of US adults will own crypto this year, per our estimates. Most are in it for long-term investment, with only about?10%?of US owners using their crypto for transactions. That said, the base of crypto payment users will expand at high double-digit rates through 2023, even as growth in owners decelerates.

More FinServ news:

According to a new VMware report,?63% of financial institutions experienced an increase in destructive attacks, an increase of 17% from last year. Because of this, the majority of financial institutions surveyed plan to increase their security budget this year.

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