Cryptocurrencies are now a driving force behind the expansion of the US economy, according to a new report
The sector is expected to generate $55 billion in total economic output this year while sustaining 232,000 jobs nationwide, including 34,000 direct jobs at cryptocurrency companies. Reports National Cryptocurrency Association (NCA).
Figures show that cryptocurrencies directly employ more people than standard industries such as coffee and tea manufacturing, aerospace, robotics, cement manufacturing, and tobacco manufacturing.
The average annual wage for direct jobs is $133,000, more than double the national average wage of $64,000.
The analysis relies on input-output modeling from Bureau of Economic Analysis and Bureau of Labor Statistics data.
The NCA says the economic contribution of cryptocurrencies impacts a wide range of industries across the country. Cryptocurrency investments in securities and commodity contracts have the largest share, valued at $9.7 billion, followed by housing and real estate, valued at $4.8 billion.
Employment is concentrated in California, New York, Texas, Washington and North Carolina, with notable increases in Colorado and North Dakota linked to favorable regulation and energy resources.
The broader context of the industry shows that 67 million Americans own crypto assets, and the US ranks second globally in adoption rates. In addition, 60% of Fortune 500 companies are pursuing blockchain related projects.
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