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wilslaw

Report says: By 2025, blockchain spending in the United States will reach $41 Billion

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

 

A new report dubbed the "United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” forecasts that blockchain spending in the United States will report a compound annual growth rate (CAGR) of 44.5%, rising from $3.1 million to $41.1 million by 2025. The report was released by Research and Markets (a market and research data platform).

 

The report also reveals that during 2018, there was a 110% increase in blockchain spending in the U.S, taking the value to $1.6 billion. This report was prepared after the company reportedly reviewed market opportunities and risks of blockchain in over 75 areas spanning 11 industries in the U.S.

 

Earlier in March, a report was released by market research firm International Data Corporation (IDC) that global blockchain spending will experience rapid growth between 2018 and 2022, with a five-year CAGR of 76%, amounting to $12.4 billion in 2022.

 

Geographically, the U.S. is set to see the largest blockchain spending of $1.1 billion, followed by Western Europe ($674 million) and China ($319 million). Also this month, Nouriel Roubini (an economist and notorious cryptocurrency critic) argued that blockchain is in no way having any link 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 machine learning, artificial intelligence, big data, and the Internet of Things.

 

Meanwhile, Manisha Singh (the U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment), said that presently, the agency is in the research phase, striving hard to get a better understanding of the 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.”

Edited by wilslaw

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