Blockchain spending in the United States is set to increase from $3.12 billion today to $41 billion in 2025 according to a fresh report published March 25.
According to the report dubbed the “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” blockchain spending in the United States will see a compound annual growth rate (CAGR) of 44.5 percent, which means an astronomical rise from $3.1billion in 2019 to a $41.1 billion by 2025.
Growth so far
The “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” also revealed that in 2018, blockchain spending in the US saw an increase by 110 percent which took spending to the $1.6 billion mark.
To prepare the report the company reportedly reviewed market opportunities and risks of the blockchain in more than 75 areas spanning 11 industries in the US. Earlier in March research firm international Data Corporation (IDC) released a report that projected that blockchain spending would see rapid growth between 2018, and 2022, with a 5 year CAGR of 76 percent amounting to $12.4 billion in 2022.
The report also acknowledges that the US is set to be the largest spending region at $1.1 billion; Western Europe will be runners up at $674 million, with China coming in third at $319 million.
Two different Outlooks
This report seems to go against economist and crypto critic Nouriel Roubini’s take on the blockchain, where he argued that the technology has “nothing to do with” the future of financial services. Roubini went on to exclude blockchain technology from his list of major technologies that will influence the Fintech and manufacturing revolution; which include artificial intelligence, big data, machine learning, and the internet of things (IoT).
While Roubini gave the blockchain a damning outlook, US secretary of State for economic growth, energy, and the environment, Manisha Singh, said that the agency was actively looking to “better understand” blockchain technology. She went on to state “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.”
Nouriel Roubini’s cyniscm cannot be explained especially since it seems to take a hit every waking day. the infrastructure being set up around crypto and the blockchain, the partnerships being sealed by crypto outfits such as Ripple every other week, and the fact that big corporations including financial ones are circling their wagons around crypto, should really put any doubts to bed when it comes to whether crypto is a fad or not.
Image courtesy of pexels