The United States is expected to increase its blockchain spending by 280% by 2022. This is according to a recent report released by the financial news site LearnBonds. According to it, the United States could invest as much as $4.2bn in blockchain technology by 2022.
US vs China: Who Will Spend More on Blockchain Technology?
As per the report, China is expected to boost its blockchain expenditures by 133% from $0.5bn to $1.4bn in three years.
China is now focused on increasing its presence in the blockchain market. This is why Xi Jinping informed they want to push for blockchain adoption. At the same time, he said last week that Blockchain represents an important breakthrough.
Despite the massive increase in China’s investment, the United States is poised to grow its spending in the industry more than its Asian peer.
The report released by LearnBonds reads as follows: “The data shows that the United States is expected to increase its spending on blockchain technology even more than China.”
In addition to it, China would have to raise its spending by 200% by 2022 if it wants to reach the same level of investment as the United States.
Meanwhile, Western Europe will also be investing more than China in the blockchain market in the coming three years. The report shows Western Europe will be placing $2.9bn in 2022, 131% more than the $1.25bn spent this year.
Analyst Justinas Baltrušaitis commented: “Regions seem to recognize the benefits of Blockchain technology and the transparency it brings to the market. This projection perfectly demonstrates that the need for decentralization is expected to grow significantly in the coming years.”
