Crypto is now a driving force behind the expansion of the US economy, according to a new report
The sector is expected to generate a total economic output of $55 billion this year while maintaining 232,000 positions across the country, including 34,000 direct positions at crypto companies. reports the National Cryptocurrency Association (NCA).
The figures indicate that crypto directly employs more people than benchmark industries such as coffee and tea production, aerospace and robotics, cement production and tobacco production.
Direct positions average $133,000 in annual salary, which is more than twice the national average salary of $64,000.
The analysis is based on input-output modeling of data from the Bureau of Economic Analysis and the Bureau of Labor Statistics.
The NCA says crypto’s economic contribution impacts a wide range of industries across the country. Crypto investments in securities and commodity contracts receive the largest share at $9.7 billion, followed by residential and real estate at $4.8 billion.
The employment concentrations are in California, New York, Texas, Washington, and North Carolina, with notable increases in Colorado and North Dakota tied to favorable regulations and energy sources.
A broader industry context shows that 67 million Americans own crypto assets, and the US ranks second globally in adoption rates. Furthermore, 60% of Fortune 500 companies are pursuing related blockchain projects.
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Generated image: Midjourney
Credit : dailyhodl.com
