Based on a report published on LearnBonds, Blockchain spendings in the US is projected to grow by 280%, reaching USD4.2 Billion in 2022. Other countries’ spendings are also expected to grow with some regions focusing more on DLT (Distributed Ledger Technology).
The United States’ current spending amounts to USD1.1 Billion, Western Europe’s is at USD1.2 Billion with an expectation to reach USD2.9 Billion in 2022. Meanwhile, the Asia Pacific region sits at USD1.08 Billion excluding Japan and China. The study does not project the spendings for the region in 2022 but sees a 150% growth in DLT spending (from USD0.3 Billion to USD0.75 Billion). China spends USD0.5 Billion on its own with an expectation to reach USD1.4 Billion, an increase of 133%.
Even though the data shows that both the States and Europe are making bigger moves than China, the country’s recent push for blockchain technology and cryptocurrency advancements has been remarkable.
From a soar in blockchain stock prices, to a strong government-backed interest in launching a national digital currency and to applying blockchain technology in cross-border finance, China seems to be more than ready for the race.
On the shyer side are both the Middle-East and Africa, currently spending USD0.25 Billion, with an expectation to double up and reach USD0.5 Billion in 2022.