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US Blockchain Spending Seeing Massive Surges

 
US Blockchain Spending Seeing Massive Surges
Breaking News / Blockchain / Crypto Market

Blockchain and the rest cryptocurrency space is slowly growing in popularity in the United States and recent blockchain statistics shows just that. According to a new report by Global News Wire, blockchain spending in the US will increase from $3.12 billion to $41 billion by 2025.

The report, called  "United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)”, forecasts that blockchain spending the nation will report a compound an annual growth rate (CAGR) of 44.5 percent, rising up from $3.1 million to $41.1 million by 2025. The report was released by market and research data platform Research and Markets.

Furthermore, the report also reveals that during last year, blockchain spending in the US surged up by more than 100 percent and reached $1.6 billion. In order to prepare for the report, the firm looking into market opportunities and risks of blockchain in more than 75 areas spanning over eleven different industries in the United States.

Earlier this month, the International Data Corporation (IDC) (market researchers) released a report that shows that projects with worldwide blockchain expenses will see a big growth between 2018 and 2022 with a five-year CAGR of 76 percent summing up to $12.4 billion in 2022.

So to put this into perspective, the US is set to see the biggest blockchain spending of $1.1 billion which is followed by Western Europe and China which are predicted to invest $674 million and $319 million respectively.

Also, this month, as reported by CoinTelegraph:

“Economist and notorious cryptocurrency critic Nouriel Roubini argued that blockchain has “nothing to do with” the future of financial services. Roubini excluded blockchain tech from the list of major technologies that will lead to a manufacturing or fintech revolution, including artificial intelligence, machine learning, big data, and the Internet of Things.”

In other news, Manisha Singh, the US Acting Under Secretary of State for Economic Growth, Energy and the Environment, has said that the agency is currently undergoing its research phase in order to get a better understanding of blockchain technology. Singh said that “blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”

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