Blockchain spending in the United States will increase from $3.12 billion to $41 billion by 2025, according to a new report published on March 25.

A new report dubbed the "United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” forecasts that blockchain spending in the U.S. will report a compound annual growth rate (CAGR) of 44.5 percent, rising from $3.1 million to $41.1 million by 2025. The report was released by market and research data platform Research and Markets.

The report also reveals that during 2018, blockchain spending in the U.S. increased by 110 percent and reached $1.6 billion. To prepare the report, the company reportedly reviewed market opportunities and risks of blockchain in more than 75 areas spanning 11 industries in the U.S.

Earlier in March, market research firm International Data Corporation (IDC) released a report that projects that global blockchain spending will see rapid growth between 2018 and 2022, with a five-year CAGR of 76 percent, amounting to $12.4 billion in 2022.

In geographic terms, the U.S. is set to see the largest blockchain spending of $1.1 billion, followed by Western Europe and China, which are predicted to invest $674 million and $319 million respectively.

Also this month, economist and notorious cryptocurrency critic Nouriel Roubini argued that blockchain has “nothing to do with” the future of financial services. Roubini excluded blockchain tech from the list of major technologies that will lead to a manufacturing or fintech revolution, including artificial intelligence, machine learning, big data, and the Internet of Things.

Meanwhile, U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, said that the agency is currently in the research phase, looking to “better understand” blockchain tech. Singh stated that “blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”