Almost 5% of Americans own cryptocurrencies and 11.7 million are thinking of buying digital assets in the coming year. This is according to a new report released by Nobl Insurance in which they study crypto holders in the United States.
Nobl conducted a telephone survey in August 2019 that suggests that 16 million Americans, close to 5% of the population, own cryptocurrency. At the same time, there are 11.7 million thinking of buying crypto in the coming year. This means crypto users in the U.S. could potentially reach 27.7 million.
The report considers that the average holding of a crypto user in the United States is $6,000, making the U.S. market a $100 billion industry. However, it is possible for it to grow $74 billion in the next 12 months.
Nobl also explains that only 10% of cryptocurrency owners hold their virtual currencies in a cold wallet, other users hold crypto in hot wallets or cryptocurrency exchanges, meaning there is an insurable market of $90 billion in the United States. During the next year, this could grow an additional $67 billion.
Enhancing the Security
It is worth mentioning that 75% of individuals in the United States experienced an online account hack. One of the best options to secure digital currencies is using biometric security. The technology is one of the hardest forms of security to breach and fingerprints and facial recognition became our new passwords.
Moreover, behavioral biometrics are also important. This includes the way in which a person uses the keypad or an application. A cardiac-scanner or biometric sensor that measures other data could also be implemented in the future.
The cybersecurity expert, Dr. Terry Lee Cooper, predicts that by the end of 2020, a staggering $12.78 billion could be stolen. By the end of 2022, this could reach $114.9 billion, more than what U.S. holders currently own in digital assets.
In order to deal with these hackers, Dr. Terry Lee Cooper considers that we could apply Moving Target Defense (MTD). This system could be applied to IP addresses, protocols and running platforms. About it, he explained:
“MTD changes the attack surface of a protected system through dynamic shifting so it appears chaotic and changes over time. This means the work effort for the attackers to launch a successful attack will be greatly increased and the probability of successful attack decreased.”
As the cryptocurrency market continues growing in the United States and other countries, security solutions should also be enhanced to offer improved security to crypto users.