By the end of this year, more than 10% of Americans will own cryptocurrencies, according to the study

Explosive growth in cryptocurrency adoption

According to forecasts, cryptocurrency payments will top $10 billion in total transactions for the first time in 2022. That's an increase of more than 70 percent over 2021, according to the data.

Nazmul Insider Intelligence forecasting expert Islam commented on the dramatic growth of bitcoin use in the United States.

"In 2021, it becomes easier to buy cryptocurrencies among app consumers already in use, and major financial institutions are embracing crypto investments. Add the hype around meme stocks such as dogcoin to this easier access and your ownership rates skyrocket."

According to the report, more than 37 million U.S. adults (about 14 percent of the population) will hold cryptocurrencies by 2023. 25- to 34-year-olds will be the largest ownership group, followed by 35- to 44-year-olds.

Bitcoin continues to be the most popular digital asset among U.S. investors, with 25.2 million holdings this year, up 16.7 percent from last year. By the end of the year, there will be 13.1 million ethereum investors in the U.S., up 26.8 percent from 2021.

The volume of transactions is

According to the analysis, the value of transactions will grow 55.4 percent to nearly $16 billion by the end of 2023, up from about $10 billion this year. David Morris, principal analyst at Insider Intelligence, said 2021 will be the year the network develops crypto payment infrastructure and stablecoin adoption, before adding.