The US is expected to increase its blockchain spending by 280% by 2022.
According to a report by financial news site LearnBonds, the US could invest as much as $4,2-billion in blockchain technology by 2022.
As per the report, China is expected to boost its blockchain expenditures by 133% from $500-million to $1,4-billion 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 US is poised to grow its spending in the industry more than its Asian peer.
The report by LearnBonds states: “The data shows that the US is expected to increase its spending on blockchain technology even more than China.”
In addition, China would have to raise its spending by 200% by 2022 if it wants to reach the same level of investment as the US.
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 $2,9-billion in 2022, 131% more than the $1,25-billion spent this year.