The 2022 crypto winter has cooled the US investors’ appetite for cryptocurrencies, with most of them finding cryptos riskier and less profitable than the traditional stock market. Nevertheless, the US crypto market revenue continues growing and is set to hit new record highs.
According to data presented by BitcoinCasinos.com, although 37% of US investors believe cryptos bring less gain than investing in stocks, the country’s crypto revenue is still expected to double year-over-year and hit nearly $18bn in 2023.
US Crypto Revenue to Surge by $9.3B in a Year, Despite Cryptocurrencies Beeing a Riskier Investment
Many institutional investors in the United States lost interest in crypto after 2022, and their appetite for it hasn’t returned yet, even with this year’s uptrend. The Statista and Measure Protocol data confirm that. According to a 2023 survey, 32.4% of investors in the United States think cryptocurrencies are riskier than investing in the traditional stock market, while around 35% find them equally risky. Statistics also showed that 37.5% of respondents see the stock market as potentially more profitable, compared to 27% who named cryptos a more profitable choice.
But despite the lack of optimism, the United States remains the third fastest-growing crypto market in the world, following the United Kingdom and Japan. Last year, the US crypto market generated $8.63bn in revenue, according to Statista. This figure is expected to jump by 108.2% year-over-year and hit $17.96bn in 2023.
The number of users in the US crypto space will also significantly increase. Statista expects 74.3 million people in the United States to use or invest in cryptocurrencies, up from 51.1 million a year ago. This figure is set to continue growing and hit almost 100 million by 2027.
Bitcoin and Ethereum are Still the Most Popular Cryptos in the US; Dogecoin and Shiba Inu saw the Biggest Ownership Drop
The Statista and Measure Protocol data also showed crypto ownership in the United States in 2023 was mainstream, with portfolios often consisting of Bitcoin and Ethereum. Bitcoin saw an 83% ownership rate among US crypto investors, up from 76% last year. Around 48% of US investors also have ETH coins in their portfolio, 6% more than in 2022. Litecoin ranked as the third-most-popular crypto to own, with a 24% ownership rate in 2023, almost double that last year. Dogecoin and Stellar followed with 19% and 16% shares, respectively.
However, statistics also show Dogecoin saw the biggest ownership drop in the last year, falling from 29% in February 2022 to 19% in February 2023. Shiba Inu follows with a 9% decline, and its ownership rate among US crypto investors falling from 21% to 12% in this period.