A new report by Bloomberg Intelligence says that the United States might adopt cryptocurrencies by 2022, inspired by recent events in the cryptocurrency industry.
Bloomberg’s cryptocurrencies report for the United States
The report noted that the U.S. might enact regulations to govern the cryptocurrency sector to stay ahead after China’s increased ban on digital currencies.
Also, it was reported that the growth of non-fungible tokens alongside bullish price projections will potentially push the United States to adopt cryptocurrencies. According to the report:
“Incentivized by China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs), we expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications. Stable coins may be misnamed, as most of the track the dollar. The unlimited supply of fiat currency should sustain rising prices, notably in Bitcoin and Ethereum, which have limited supply.”
The report projects that the adoption might follow a potential surge in Bitcoin and Ethereum value due to a continued decline of US Treasury bond yields and low stock returns.