16% of Americans have invested in crypto during the summer of 2022. This reflects a huge increase since the summer of 2020.
Although many may not like it, the United States remains one of the world powers with the greatest geopolitical and macroeconomic relevance. The power of the dollar, added to the effects of the measures taken by the Fed , constantly affect the markets, including the cryptocurrency market.
At a time when both inflation and the adoption of cryptocurrencies are increasing in the world, the White House has had to face innumerable complications, which is why in September 2022 it published the first crypto regulatory framework in the United States .
In the report, which aims to strengthen the global position of the United States in the crypto sector, it is detailed that “millions of people around the world, including 16% of American adults , have bought digital assets.”
Indeed, according to data provided by Statista , 16% of Americans have bought or used cryptocurrencies in 2022. This represents a considerable increase compared to last year, when the results reflected 13% .
And if we go back to 2020, when only 6% of adults in the United States owned cryptocurrencies , the increase in interest in digital assets by its citizens is evident.
United States enters the Top 5
On August 10, 2022, the United Nations Conference on Trade and Development (UNCTAD) published its report exploring the level of crypto adoption among developed and developing countries during 2021 .
In it, the United States appears in sixth place, with a percentage of 8.3% , although second among the countries that have an advanced economy, only surpassed by Singapore.
However, according to The 2022 Global Crypto Adoption Index , published by Chainalysis on September 14 of this year, the United States is in fifth place among the countries with the highest adoption in the world .
Although the methodologies between the reports and studies differ, the trend shows that the North American country is increasingly interested in cryptocurrencies. The report shared by the White House even mentions the possibility of exploring a Central Bank Digital Currency ( CBDC ) .
Bank of America opinions
During 2022, the Bank of America , the second largest bank holding company in the United States, has been a constant agent in the discussion of cryptocurrencies in the country. Because of its great influence, the claim that cryptocurrencies may be the future of investing is interesting.
Thanks to a survey of 1,052 people with more than 3 million dollars in investable assets, the BoA shared the fact that millennials are allocating more money in digital assets over traditional stocks .
Currently, they are choosing to allocate up to 15% of their portfolios to cryptocurrencies . According to Jeff Busconi , Bank of America's chief operating officer of private banking, millennials do n't buy into the narrative that a stock-based portfolio is a good investment.
Earlier this year, during a broadcast on CNBC , Bank of America analyst Jason Kupferberg reported that they surveyed 1,000 American adults in early June, right after the Terra crash .
“It was interesting to see that 90% of the respondents said that they plan to buy some amount of cryptocurrency in the next six months.”
For the Bank of America, thanks to The Merge of Ethereum , which reduces its energy consumption by 99.95% , the institutional adoption of this cryptocurrency would increase .
By changing its Proof-of-Work ( PoW ) consensus protocol to Proof-of-Stake ( PoS ), which eliminates the need for mining to secure and run the network, investors who are prohibited from buying cryptocurrencies that operate with PoW, will be able to buy ETH since it already contemplates the ESG (Environmental, Social and Governance) criteria .
Ban on mining in the United States?
In September, Cardano ( ADA ) founder and Ethereum co-founder Charles Hoskinson warned of a possible ban on Bitcoin mining in the United States. Following the report Climate And Energy Implications Of Crypto-Assets In The United States , in a YouTube live published on September 8, he commented:
“The White House is now basically hiding on page seven a report that no one will ever see or read: 'Hey, it's great you got there with Proof-of-Work , but, you know, global warming is bad. So we should ban it."
This is because the United States Government can create regulatory standards that would eliminate the profitability of mining Bitcoin (BTC) in the country. In the report, it is stated that the Bitcoin network would consume more electricity than the homes of the North American country, but only a little less than the energy consumption of Argentina .
https://www.youtube.com/watch?v=TEpC2PN2IGY
But not only the White House has shown its concern regarding the energy consumption of Bitcoin, as Greenpeace , a week after Hoskinson 's live , launched a request for the network created by Satoshi Nakamoto to adopt the PoS to reduce its spending .
The petition calls on Fidelity Investments , which has promoted Bitcoin businesses for years in the United States, to take steps to reduce the network's carbon footprint.
“In Texas, Bitcoin mining is on track to consume nearly a third of the current maximum capacity of the fragile Texas power grid in the next few years. In Montana and New York, Bitcoin mining has brought fossil fuel power plants back to life, exacerbating the climate crisis.”
In a threatening way, he calls for people to demand that Fidelity CEO Abigail Johnson change his Bitcoin code.
Just on September 13, The Wall Street Journal reported that Fidelity Investments could allow retail investors to trade Bitcoin , which likely prompted Greenpeace to publish the petition two days later.
Apparently, the environmental organization is unaware that the Bitcoin code is maintained by the Bitcoin Lead Developer group , and that thanks to its decentralization, a request like yours shows that agents of this nature still do not fully understand blockchain development , nor other technologies such as nuclear power .
In fact, during this year a study carried out by BatCoinz suggested that Bitcoin could be the first monetary system with zero net emissions in 2024 , since mining supported by renewable energies has increased.
Moreover, Francis Suarez , Mayor of Miami, in March 2021 encouraged Bitcoin miners to move to the city , as they are exploring the possibility of paying employee salaries in Bitcoin, and because the city receives much of its power from nearby nuclear power plants .
Regenerative Finance (ReFi): the crypto spring
Thanks to the Ethereum Fusion , it is likely to see the emergence of new projects related to Regenerative Finance (ReFi) , a movement that seeks the sustainable development of capital that exists in nature, as well as regenerating the damage caused by global warming.
In the debate on Regenerative Finance held at ETH Santiago , which was part of the Devcon preview , Cristian Mosella , from Green Tracker, highlighted that the current crisis of trust can be improved thanks to projects that integrate blockchain technology , which that generates new financing flows.
“A technology that had this contaminating seal, as blockchain and Bitcoin are usually associated , today we are giving it a twist and we are putting it at the service of humanity.”
One of the most important ReFi projects in the ecosystem is Celo , whose foundation is based in the United States. By following the philosophy of the Ancestral Economy developed by Charles Eisenstein , it clarifies that its mission is to build a financial system capable of creating conditions of prosperity for all , thanks to its blockchain that is so light that it can operate on almost any smartphone .
With Regenerative Finance, the belief that cryptocurrencies and ecology are not compatible is invalidated , and one of the most influential developments in the world comes from the United States.
Coinbase, Google and self-managed superfunds
Coinbase , one of the world's largest cryptocurrency centralized exchanges (CEX), announced in September that it will offer its users Web3 domains in non-fungible token (NFT) format , through a partnership with Ethereum Name Service (ENS) .
In this way, people will have the option to carry out cryptocurrency transactions using a readable username , solving the "complexities" of public keys, which are practically impossible to memorize.
A month later,1Inch wallet and Unstoppable Domains announced their alliance, which opened up a new possibility for users. Currently, they are giving away a “.nft” domain to everyone with a Twitter profile .
“We want people to be able to control their own investments and they should be able to invest in crypto for this discussion, an important emerging asset class. So we have a couple of efforts going on trying to integrate with some of the biggest superfunds out there and make it possible for people to invest directly in crypto and then the same thing in corporate trustee structures.”
Cryptocurrencies in the cultural industry
Web3 and blockchain technology not only inhabit the Internet, as they are increasingly present in cultural spaces, especially in the sports and music industries.
For one thing, it's common to see commercials and billboards at NBA , MLB , and NFL sporting events . It is that these leagues even work with several crypto companies such as Coinbase, FTX and Dapper Labs .
As for music , various artists in the United States have taken pro-crypto stances. Perhaps the biggest media moment of the year was the live performance of Eminem and Snoop Dogg 's song From the D 2 the LBC at the 2022 MTV Video Music Awards .
In June of this year, the artists became bored apes in the video clip of the song, as they are representatives of the NFT Bored Ape Yacht Club ( BAYC ) collection . Thus, his presentation was focused on the Yuga Labs project .
Two months later, Miley Cyrus decided to register her brand in the metaverse . The artist has also participated in the Gucci metaverse on Roblox, called Gucci Town . Being her ambassador, she has shared with users through games and challenges.
It's worth remembering the words of Steve Aoki , Japanese-American EDM DJ and producer, at the private event Gala Music, on February 10 in Inglewood, California.
One of the highest paid DJs in the world, he claimed that last year he made more money from the launch of his NFT than in a decade making music .
Finally, Small Business Prices research , as of May 2022, ranked the United States first among countries with the largest number of workers in the industry . The study calculates about 3,800 crypto jobs in the country, mostly in New York, San Francisco and Los Angeles .
In any case, it cannot be ignored that most jobs in the crypto world are remote. Even so, it accounts for the leadership of the United States in the promotion and development of decentralized technologies , despite the bear market and the FUD that certain organizations instill on a daily basis.
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