US: investments in Blockchain to reach $41 bn by 2025

5 years ago - Published in Fintech Land

Blockchain spending in the United States will increase from $3.12 billion to $41 billion by 2025, according to a new report published on March 25.

The report titled ‘United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025),’ predicted that blockchain spending in the US would report a compound annual growth rate [CAGR] of 44.5%, growing from $3.1 billion to $41.11 billion by 2025. The report was released by market and research data platform, Research and Markets.

It also revealed that spending in the US increased by 110% and reached $1.6 billion in 2018. The report referred to and reviewed market opportunities and risks associated with blockchain in over 75 areas, including 11 industries in the US.

According to CoinTelegraph, International Data Corporation [IDC] had in March released a report that forecast global blockchain spending growing between 2018 and 2022, with a five-year CAGR of 76%. It would amount to $12.4 billion in 2022.

According to reports, the US would report the largest blockchain spending of $1.1 billion, followed by Western Europe and China, with a predicted investment of $674 million and $319 million, respectively.

Manisha Singh, the Secretary of State for Economic Growth, Energy, and the Environment of US, said that the agency was currently researching and trying to understand the technology. Singh said,

“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.”

However, prominent cryptocurrency critic, Nouriel Roubini argued that blockchain had nothing to do with the future of financial services. He excluded blockchain technology from the list of major technologies that would lead to a fintech or manufacturing revolution, which included artificial intelligence [AI], big data, machine learning, and the Internet of Things.

Also this month, 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.

Meanwhile, U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, said that the agency is currently in the research phase, looking to “better understand” blockchain tech. Singh stated 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.”